The Senate yesterday swiftly passed the amended S.3823, the “Bankruptcy Threshold Adjustment and Technical Corrections Act," via unanimous consent. Sen. Charles Grassley (R-Iowa) had recently introduced the legislative substitute to raise the debt limit back to $7.5 million for small businesses electing to file for bankruptcy under subchapter V of chapter 11. Consistent with the recommendations of ABI’s Commission on Consumer Bankruptcy, the substitute also raises the debt limit for individual chapter 13 filings to $2.75 million and removes the distinction between secured and unsecured debt for that calculation. All provisions of the legislation will sunset two years after enactment. The legislation now moves to the House of Representatives for consideration.
Great lawyer. Extremely knowlegable in the legal and practical aspects of the law and the situation. Bill was most interested in resolving the problem rather than litigating the matters and making representation more costly. A true advocate and great…
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