Chapter 13 Debt Limits Increased, effective April 1, 2010

Unlike Chapter 7, which has no debt limits, Chapter 13 Bankruptcy places limits on the amount of secured and unsecured debt a person can have.   The Chapter 13 limits are adjusted every three years on the first day of April.  No that is not a Joke.   In 1994, when limits were first placed on Chapter 13 filings, they were set at $750,000 forsecured debt and $250,000 for unsecured debt.  The new debt limits, effective April 1, 2010 through March 31, 2013 are $1,081,400 for secured debt and #360,475 for unsecured debt.

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Bankruptcy Attorney serving Grand Rapids Michigan and all of Western Michigan

Website: http://www.grandrapidsbankruptcylaw.com/demo

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