Bankruptcy Reform Act of 1994: Automatic three-year adjustment; dollar amounts increase,

[Federal Register: February 14, 2007 (Volume 72, Number 30)]

[Notices]

[Page 7082-7083]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr14fe07-123]

JUDICIAL CONFERENCE OF THE UNITED STATES

Revision of Certain Dollar Amounts in the Bankruptcy Code Prescribed Under Section 104(b) of the Code

AGENCY: Judicial Conference of the United States.

ACTION: Notice.

SUMMARY: Certain dollar amounts in title 11 and title 28, United States Code, are increased.

FOR FURTHER INFORMATION CONTACT: Francis F. Szczebak, Chief, Bankruptcy Judges Division, Administrative Office of the United States Courts, Washington, DC 20544, telephone (202) 502-1900.

SUPPLEMENTARY INFORMATION: Section 104(b) of title 11, United States Code, provides the mechanism for an automatic 3-year adjustment of dollar amounts in certain sections of titles 11 and 28. Bankruptcy Reform Act of 1994, Public Law No. 103-394, Sec. 108(e), (1994) as amended by Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Public Law No. 109-8, Sec. 102(j), (2005). The provision states: (b)(1) On April 1, 1998, and at each 3-year interval ending April 1 thereafter, each dollar amount in effect under [the designated sections of the Code] and section 1409(b) of title 28 immediately before such April 1 shall be adjusted--

(A) To reflect the change in the Consumer Price Index for All Urban Consumers, published by the Department of Labor, for the most recent 3- year period ending immediately before January 1 preceding such April 1, and

(B) To round to the nearest $25 the dollar amount that represents such change.

(2) Not later than March 1, 1998, and at each 3-year interval ending on March 1, thereafter, the Judicial Conference of the United States shall publish in the Federal Register the dollar amounts that will become effective on such April 1 under sections 101(3), 101(18), 101(19A), 101(51D), 109(e), 303(b), 507(a), 522(d), 522(f)(3) and 522(f)(4), 522(n), 522(p), 522(q), 523(a)(2)(C), 541(b), 547(c)(9), 707(b), 1322(d), 1325(b), and 1326(b)(3) [of the Bankruptcy Code] and section 1409(b) of title 28.

(3) Adjustments made in accordance with paragraph (1) shall not apply with respect to cases commenced before the date of such adjustments.

Revision of Certain Dollar Amounts in Bankruptcy Code

Notice is hereby given that the dollar amounts are increased in the sections in title 11 and title 28, United States Code, as set out in the following chart. These increases do not apply to cases commenced before the effective date of the adjustments, i.e., April 1, 2007. Official Bankruptcy Forms 6E and 10 also will be amended to reflect these adjusted dollar amounts.

Dated: February 7, 2007. Francis F. Szczebak, Chief, Bankruptcy Judges Division.

Dollar amount to New (adjusted) be adjusted

dollar amount

28 U.S.C.:

1409(b)--a trustee may commence a proceeding arising in or related to a case to recover: (1)--money judgment of $1,000............ $1,100 or property worth less than. (2)--a consumer debt $15,000........... $16,425 less than. (3)--a non consumer debt $10,000........... $10,950 against a non insider less than. 11 U.S.C.:

Section 101(3)--definition $150,000.......... $164,250 of assisted person.

Section 101(18)--definition $3,237,000 (each $3,544,525 (each of family farmer.

time it appears). time it appears)

101(19A)--definition of $1,500,000 (each $1,642,500 (each family fisherman.

time it appears). time it appears)

101(51D)--definition of $2,000,000 (each $2,190,000 (each small business debtor.

time it appears). time it appears)

Section 109(e)--allowable $307,675 (each $336,900 (each debt limits for individual time it appears). time it appears) filing bankruptcy under chapter 13. $922,975 (each $1,010,650 (each time it appears). time it appears)

Section 303(b)--minimum aggregate claims needed for the commencement of involuntary chapter 7 or chapter 11 bankruptcy: (1)--in paragraph (1)... $12,300........... $13,475 (2)--in paragraph (2)... $12,300........... $13,475

Section 507(a)--priority expenses and claims (1)--in paragraph (4)... $10,000........... $10,950 (2)--in paragraph (5)... $10,000........... $10,950 (3)--in paragraph (6)... $4,925............ $5,400 (4)--in paragraph (7)... $2,225............ $2,425

Section 522(d)--value of property exemptions allowed to the debtor (1)--in paragraph (1)... $18,450........... $20,200 (2)--in paragraph (2)... $2,950............ $3,225 (3)--in paragraph (3)... $475.............. $525 $9,850............ $10,775 (4)--in paragraph (4)... $1,225............ $1,350 (5)--in paragraph (5)... $975.............. $1,075 $9,250............ $10,125 (6)--in paragraph (6)... $1,850............ $2,025 (7)--in paragraph (8)... $9,850............ $10,775 (8)--in paragraph

$18,450........... $20,200 (11)(D).

522(f)(3)--exception to lien $5,000............ $5,475 avoidance under certain state laws.

522(f)(4)--items excluded $500 (each time it $550 (each time it from definition of

appears).

appears) household goods for lien avoidance purposes.

[[Page 7083]]

522(n)--maximum aggregate $1,000,000........ $1,095,000 value of assets in individual retirement accounts exempted.

522(p)--qualified homestead $125,000.......... $136,875 exemption.

522(q)--state homestead $125,000.......... $136,875 exemption.

523(a)(2)(C)--exceptions to discharge: in subclause (i)(I)-- $500.............. $550 consumer debts, incurred