The SubV Chapter 11 Bankruptcy Debt Limit Historical Background:
Prior to passage of the Cares Act, the debt limit for SubV Chapter 11 cases was $2,725,625. With passage of the Cares Act, the debt limit was raised to $7.5 million thru June 21, 2024.
If Congress does not otherwise amend or enact a new law, the debt limit will revert to $2,725,625 on June 21, 2024.
Fortunately, a bill is pending in Congress that will extend or increase the debt limit to $7.5 million. This bill has the support of debtors, creditors, and bankruptcy attorneys. One might wonder why Congress does not enact a bill to permanently raise the debt limit to $7,500,000.
Clients or their advisors with questions about Sub V cases should contact Jim Shenwick
Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
We held individuals & businesses with too much debt!
