{"id":10455,"date":"2019-11-15T21:25:38","date_gmt":"2019-11-15T21:25:38","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=10455"},"modified":"2019-11-15T21:25:49","modified_gmt":"2019-11-15T21:25:49","slug":"chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/","title":{"rendered":"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy"},"content":{"rendered":"

The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many types of debt. In some cases, though, a person may be ineligible for Chapter 7 and must file in Chapter 13, which is often called a \u201cwage earners plan\u201d or an \u201cadjustment of debts.\u201d This chapter prevents debtors from losing important types of property, like houses.<\/p>\n

However, it\u2019s important to be aware that not everyone is eligible for Chapter 13 due to limits on the amount of debt people can owe. What are these?<\/p>\n

For unsecured debt, such as credit card debt, it\u2019s $419,275.  For secured debt (houses, cars, etc.) it\u2019s $1,257,850. These numbers are relatively high, so most New Yorkers planning to file for bankruptcy do not need to worry about them interfering with their Chapter 13 filing.<\/p>\n

Moreover, the debt limits increase every three years on April 1, and will do so next in April, 2022.<\/p>\n

The debt limit increases are especially important for people who carry non-dischargeable debt, particularly student loans, which are getting increasing attention in the media because tuition keeps increasing at universities while income for American households does not. Even though these debts are rarely discharged in bankruptcy due to the difficult-to-meet \u201cundue hardship\u201d test, they do count towards the Chapter 13 debt limit. The increases every three years allow people to remain eligible for Chapter 13.<\/p>\n

What happens if you are one of the rare individuals whose debt breaches the limit? Other chapters of the bankruptcy code are available, including Chapter 11. People who owe this much money are often the kinds of businesspeople that Chapter 11 was designed for anyway. Consequently, debt limits aren\u2019t something most people really need worry about when deciding to file bankruptcy in New York. However, it\u2019s important to consult with an experienced New York bankruptcy lawyer to guide you to the appropriate chapter.<\/p>\n

For more questions about Chapter 7, Chapter 13 Bankruptcy Attorney Brooklyn NY<\/a> and debt limits, please feel free to contact<\/a> experienced Brooklyn bankruptcy attorney Bruce Weiner for a free initial consultation.<\/p>\n

<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"

The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many types of debt. In some cases, though, a person may be ineligible for Chapter 7 and must file in Chapter 13, which is often called a \u201cwage earners …<\/p>\n

Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,26,7],"tags":[2,21,29,174,32,54,51,52,35],"acf":[],"yoast_head":"\nChapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy<\/title>\n<meta name=\"description\" content=\"The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy\" \/>\n<meta property=\"og:description\" content=\"The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-15T21:25:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-15T21:25:49+00:00\" \/>\n<meta name=\"author\" content=\"Maggie Paley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Maggie Paley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/\"},\"author\":{\"name\":\"Maggie Paley\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/b39cce1b899649fc2a1f7e0067343432\"},\"headline\":\"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy\",\"datePublished\":\"2019-11-15T21:25:38+00:00\",\"dateModified\":\"2019-11-15T21:25:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/\"},\"wordCount\":354,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#organization\"},\"keywords\":[\"Bankruptcy\",\"Brooklyn Bankruptcy\",\"Chapter 13\",\"Debt limits\",\"Eastern District of New York\",\"Manhattan bankruptcy\",\"New York Bankruptcy\",\"New York Bankruptcy Lawyer\",\"Southern District of New York\"],\"articleSection\":[\"Bankruptcy\",\"Chapter 13 Bankruptcy\",\"Debt\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/\",\"url\":\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/\",\"name\":\"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy\",\"isPartOf\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#website\"},\"datePublished\":\"2019-11-15T21:25:38+00:00\",\"dateModified\":\"2019-11-15T21:25:49+00:00\",\"description\":\"The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many\",\"breadcrumb\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nybankruptcy.net\/main\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#website\",\"url\":\"https:\/\/nybankruptcy.net\/main\/\",\"name\":\"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nybankruptcy.net\/main\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#organization\",\"name\":\"Rosenberg, Musso & Weiner, LLP\",\"url\":\"https:\/\/nybankruptcy.net\/main\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png\",\"contentUrl\":\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png\",\"width\":124,\"height\":108,\"caption\":\"Rosenberg, Musso & Weiner, LLP\"},\"image\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/b39cce1b899649fc2a1f7e0067343432\",\"name\":\"Maggie Paley\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/09c4e7222a6fefba012bec62846fade7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/09c4e7222a6fefba012bec62846fade7?s=96&d=mm&r=g\",\"caption\":\"Maggie Paley\"},\"url\":\"https:\/\/nybankruptcy.net\/main\/author\/maggie\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy","description":"The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/","og_locale":"en_US","og_type":"article","og_title":"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy","og_description":"The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many","og_url":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/","og_site_name":"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner","article_published_time":"2019-11-15T21:25:38+00:00","article_modified_time":"2019-11-15T21:25:49+00:00","author":"Maggie Paley","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Maggie Paley","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#article","isPartOf":{"@id":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/"},"author":{"name":"Maggie Paley","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/b39cce1b899649fc2a1f7e0067343432"},"headline":"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy","datePublished":"2019-11-15T21:25:38+00:00","dateModified":"2019-11-15T21:25:49+00:00","mainEntityOfPage":{"@id":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/"},"wordCount":354,"commentCount":0,"publisher":{"@id":"https:\/\/nybankruptcy.net\/main\/#organization"},"keywords":["Bankruptcy","Brooklyn Bankruptcy","Chapter 13","Debt limits","Eastern District of New York","Manhattan bankruptcy","New York Bankruptcy","New York Bankruptcy Lawyer","Southern District of New York"],"articleSection":["Bankruptcy","Chapter 13 Bankruptcy","Debt"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/","url":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/","name":"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy","isPartOf":{"@id":"https:\/\/nybankruptcy.net\/main\/#website"},"datePublished":"2019-11-15T21:25:38+00:00","dateModified":"2019-11-15T21:25:49+00:00","description":"The most common route for filing bankruptcy in New York is file for Chapter 7 bankruptcy. It\u2019s quicker than Chapter 13 and allows people to discharge many","breadcrumb":{"@id":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nybankruptcy.net\/main\/chapter-13-debt-limits-wont-stymie-your-new-bankruptcy-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nybankruptcy.net\/main\/"},{"@type":"ListItem","position":2,"name":"Chapter 13 Debt Limits Won\u2019t Stymie Your New Bankruptcy"}]},{"@type":"WebSite","@id":"https:\/\/nybankruptcy.net\/main\/#website","url":"https:\/\/nybankruptcy.net\/main\/","name":"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner","description":"","publisher":{"@id":"https:\/\/nybankruptcy.net\/main\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nybankruptcy.net\/main\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/nybankruptcy.net\/main\/#organization","name":"Rosenberg, Musso & Weiner, LLP","url":"https:\/\/nybankruptcy.net\/main\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/","url":"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png","contentUrl":"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png","width":124,"height":108,"caption":"Rosenberg, Musso & Weiner, LLP"},"image":{"@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/b39cce1b899649fc2a1f7e0067343432","name":"Maggie Paley","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/09c4e7222a6fefba012bec62846fade7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/09c4e7222a6fefba012bec62846fade7?s=96&d=mm&r=g","caption":"Maggie Paley"},"url":"https:\/\/nybankruptcy.net\/main\/author\/maggie\/"}]}},"_links":{"self":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts\/10455"}],"collection":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/comments?post=10455"}],"version-history":[{"count":2,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts\/10455\/revisions"}],"predecessor-version":[{"id":10463,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts\/10455\/revisions\/10463"}],"wp:attachment":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/media?parent=10455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/categories?post=10455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/tags?post=10455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}