WBK Attorney Michelle Bass Quoted on Proposed Chapter 13 Debt Limit Increase
The U.S. Senate is expected to consider an amendment that would temporarily raise Chapter 13 debt limits by replacing the current $1.58 million (secured) and $526,000 (unsecured) caps with a single $2.75 million ceiling. The proposal—packaged with the national defense bill—would also restore Subchapter V’s small-business threshold to $7.5 million and apply retroactively to cases […]
Understanding Chapter 7 Bankruptcy: A Fresh Start
Chapter 7 bankruptcy is a legal process designed to provide individuals overwhelmed by debt with a fresh start by liquidating their non-exempt, unencumbered assets to repay creditors. In most cases, an individual or a couple can retain all their assets and start fresh with new credit. Here’s a simplified breakdown of what you need to […]
The Chapter 7 Bankruptcy Process: What to Expect
Bankruptcy law is highly nuanced, with many specialized local practices which vary by district. For these reasons, it is recommended that you seek out legal assistance to go through this process. Pre-Filing Considerations: Before your case can be filed, all individuals must complete a credit counselling course, and obtain a certificate of completion. This mandatory […]