Reply To: Payroll case headed for bankruptcy

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#36309
James Wade
Participant

Joseph,

I’d like to add that debt limits in Chapter 13 are for non-contingent, liquidated debts so potential debts may be outside the debt amount. contingent debts are usually things like guarantees; unliquidated debts are normally pending lawsuits for things like a personal injury where the ultimate liability is unknown.

Additionally, the limit is around $400k for unsecured debts and $1m for secured debts. So you have to take that into account as well.

Good luck.

Jim