Legal Question in Bankruptcy in New York

Re: Personel Bankruptcy

There are no debt limits in chapter 7. There are debt limits on secured and unsecured debt in chapter 13. See the Frequently Asked Questions (FAQs) on personal bankruptcy on our website at www.starrandstarr.com for further info. about that and about the "means test" that determines eligibility for chapter 7.

The foregoing is intended as general information of interest to readers of this website and is not intended as legal advice for your specific situation. Facts and circumstances not mentioned in your brief posting may materially affect your rights. You should consult with a bankruptcy attorney.

Best regards,

Re: Personel Bankruptcy

There is no limit on the amount of debt that a debtor can discharge in a Chapter 7 bankruptcy. There are limits in Chapter 13, although most debtors will not be concerned with them ($336,900 for unsecured debt; $1,010,650 for secured debt). The debt limits are adjusted every three years for inflation (next adjustment will be 2010).

Please contact my office directly if you would like to discuss your situation further. You may also visit my website at amdlaw.com for more information.