Dollar Amount Changes Take Effect April 1
Automatic adjustments to dollar amounts across several sections of the U.S. Bankruptcy Code will take effect on April 1, 2007, impacting Chapter 12 and Chapter 13 eligibility, maximum exemption values in certain categories, means test calculation, and more.
The Memorandum detailing the specific changes is available online at Automatic Adjustment of Certain Dollar Amounts in the Bankruptcy Code and Official Bankruptcy Forms.
Several forms are being updated as a result of the changes including:
Official Form 1, Voluntary Petition
Official Form 6C, Schedule of Property Claimed as Exempt
Official Form 6E, Schedule of Creditors Holding Claims Entitled to Priority
Official Form 7, Statement of Financial Affairs
Official Form 10, Proof of Claim
Official Form 22A, Statement of Current Monthly Income and Means Test Calculation (Chapter 7)
Official Form 22C, Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income (Chapter 13)
The next scheduled automatic update to these dollar amounts will take effect on April 1, 2010.
The Memorandum detailing the specific changes is available online at Automatic Adjustment of Certain Dollar Amounts in the Bankruptcy Code and Official Bankruptcy Forms.
Several forms are being updated as a result of the changes including:
Official Form 1, Voluntary Petition
Official Form 6C, Schedule of Property Claimed as Exempt
Official Form 6E, Schedule of Creditors Holding Claims Entitled to Priority
Official Form 7, Statement of Financial Affairs
Official Form 10, Proof of Claim
Official Form 22A, Statement of Current Monthly Income and Means Test Calculation (Chapter 7)
Official Form 22C, Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income (Chapter 13)
The next scheduled automatic update to these dollar amounts will take effect on April 1, 2010.
