Bankruptcy Eligibility Changes for Individuals and Small Businesses
This law temporarily raises debt limits for individuals and small businesses seeking bankruptcy protection. This means more people and small companies can now file for bankruptcy to restructure their debts. These changes aim to provide financial relief but are temporary, reverting to previous limits in two years.
Key points
Increased Debt Limit for Individuals: Individuals with regular income can file for bankruptcy if their debts are less than $2,750,000, a significant increase from the previous limit.
Increased Debt Limit for Small Businesses: Small businesses can file for bankruptcy if their debts are less than $7,500,000, making debt restructuring easier.
Temporary Nature of Changes: The increased debt limits are effective for two years from the law's enactment date, after which they will revert to previous amounts.
Flexible Repayment Plans: The law introduces more flexible rules for approving debt repayment plans, potentially making it easier for debtors to recover financially.
95%
VOTING RESULTS
2022-06-07
For
392
Against
21
Abstain
0
Status:
Became Law
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