As discussed in an earlier post called "Moving Up: Bankruptcy Code Dollar Amounts Will Increase On April 1, 2022," various dollar amounts in the Bankruptcy Code and related statutory provisions were increased for cases filed on or after today, April 1, 2022. This information sheet has a list of all of the dollar amount changes now in effect.
The official bankruptcy forms have also been revised to reflect these new dollar amounts.
- The updated forms include the official Proof of Claim form (the link has a copy of the revised form), as well as a number of other commonly used bankruptcy forms.
- Follow the link in this sentence for information about, and access to, all newly revised official bankruptcy forms.
Separately, the temporary change in the 2020 CARES Act as subsequently extended, boosting the aggregate non-contingent liquidated debt limit to $7,500,000 for filing a Subchapter V case, expired on March 27, 2022. Although Congress may raise the debt limit later, these new official forms reflect the April 1, 2022 inflation-adjusted cap of $3,024,725 for Subchapter V cases.
Remember, the increased dollar amounts, now reflected on these forms, apply only to cases filed on or after April 1, 2022.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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