Desperate and Confused
Anonymous
Posts: n/a
Credits: 48,894
Sub: #1 Chapter13 Debt Limits
Replied on 11-19-2009, 09:36 PM
Reply With Quote

I have been working with an attorney for two months on a Chapter 13 case. When my husband and I showed up for our appointment to sign the final papers he said that we have too much debt for a Chapter 13 and will need to file a Chapter 11, which is much more complicated and expensive. We have unsecured debt that totals $295,995. Everything I have looked up says the limit is $336,900 but the attorney is saying Title 11 USC 109 puts a $250,000 limit on unsecured debt. Which is right?

SC
SC's Avatar

Moderator

Posts: 3,578
Credits: 36,210


Send message to SC
Sub: #2
Replied on 11-19-2009, 11:15 PM
Reply With Quote

As far I know the unsecured debt limit for ch 13 is indeed $336,900. The limits for both secured and unsecured debts have increased for ch 13 bankruptcy from April 1st 2007. IMO you may need to consult another atty.

However, the following thread may help you in learning the options if you really can't qualify for ch 13.

http://www.debtconsolidationcare.com...chapter13.html

Hope the experts would comment on your query soon.




«Previous Thread | Next Thread»
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes
Linear Mode Linear Mode

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -8. The time now is 12:40 AM.





About Us | Contact Us | Privacy Policy | Affiliate | Sitemap | Espanol | RSS Feeds| Terms of Services
* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.048 seconds.