State And Federal Debts For Filing Chapter 13 Bankruptcy In California Explained By An Attorney

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Law Offices of Nicholas Gebelt
15150 Hornell St
Whittier, CA 90604
(562) 777-9159

The debt limits in California are actually federal, meaning that they apply from coast to coast. The idea is that if your income is too high, you will not be able to file for Chapter 7 bankruptcy. This is where Chapter 13 bankruptcy comes in, where we create a plan for you to repay some of what you owe your creditor. Keep in mind, however, that Congress has installed debt ceilings into their bankruptcy codes.

In certain situations (such as COVID), debt ceilings can be consolidated into one large ceiling. Generally speaking, however, there are separate ceilings for settled and unsettled debts. Unless Congress makes a change, this will be what we are working with. In the case of unsecured debt, the ceiling will be $465,275, while the ceiling for secured debts is $1,395,875.

These numbers are adjusted every 3 years for inflation, but if you are found in violation of these ceilings, you will be ineligible for Chapter 13. At that point, we may need to discuss the option of Chapter 11 bankruptcy.

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