Automatic Adjustment of Certain Dollar Amounts in the Bankruptcy Code and Official Bankruptcy Forms to Take Effect from April 1, 2016
April 1, 2016, New York – Automatic adjustments to certain dollar amounts in the Bankruptcy Code and Official Bankruptcy Forms will now apply to cases filed on or after April 1, 2016. In the Bankruptcy Reform Act of 1994, Congress provided for the automatic adjustment of the dollar amounts at three-year intervals on the basis of the change in the Consumer Price Index.
The revised dollar amounts will affect, among other matters: the eligibility of a debtor to file under chapters 12 and 13 of the Bankruptcy Code; certain maximum values of property that a debtor may claim as exempt; the maximum amount of certain claims entitled to priority; the duration of a chapter 13 plan; where the trustee may commence certain proceedings to recover a money judgment or property; preference thresholds in non-consumer cases (11 U.S.C. 547(c) (9)). Although the changes aren’t substantial, it is always a good idea to keep them in mind when assessing cases to be filed after April 1st, 2016.
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