November 2012 – a big month in bankruptcy

Posted by Ryan Blay on October 24th, 2012 in Bankruptcy, Chapter 11, Chapter 13, Chapter 7

With October turning into November, we see new changes on the horizon in bankruptcy.

For one, the Temporary Bankruptcy Judgeships Extension Act of 2012 requires an increase to the filing fees for Chapter 11 cases beginning on November 21.

Also, on November 1st, the Means test numbers change.  The Means Test, you’ll recall, is used in Chapter 7 to determine whether filing debtors are abusing the system by filing for Chapter 7 instead of a 13.  In Chapter 13, the Means Test is one method of determining disposable monthly income to pay into the Chapter 13 plan.  See the new numbers here.

As always, it’s critical to keep up with new changes in the laws.  Lakelaw is here to help you with the most up to date information.