bornfree2
I don't think you get it. Increasing the debt limit for Chapter 13 SAVES the individual consumer a ton of $$$$ and heartburn. As to lawyers, if you read my post, I make MORE money by putting the client into a Chapter 11, not the Chapter 13. My first concern is for the client...
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I have to agree with JB's comment relative to the above. "Banksters" and "China" have nothing to do with this.
What this means is a substantial reduction in overall cost for many debtors. Prior to this increase, those who needed to reorganize were forced into a Chapter...
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Chapter 13 Debt Limit Increase - Bill signed today
Today, President Biden signed Senate Bill 3823 that increased the debt limit for chapter 13 to $2.75 million of noncontingent, liquidated debt without regard to the debt being unsecured or secured. This change is effective for two years, unless a new law is passed to extend or make the provision permanent....
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While it is never a good idea to bank where you owe money, Chase is unlikely to do anything relative to your bank account. You should be fine.
Des.
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Unless you have an Order to abandon, this claim is property of your bk estate regardless of whether or not you are a 100% Plan. If the asset was not abandoned, I tend to doubt that you have the authority to settle anything without obtaining the blessing of your bankruptcy judge. Did you discuss this...
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The Trustee is not selling an asset unless he will recover something for the unsecured creditors. A few hundred dollars is probably not enough. If your exemption is $4,500 and the Trustee can sell it for $6,000 then maybe he will sell it. If he does, he must give you your allowed exemption before...
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