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Who is eligible for a Chapter 13 bankruptcy?
An individual with regular income may file under Chapter 13 if [s]he
has (i) noncontingent, liquidated, unsecured debts totaling less than
$336,900 and (ii) noncontingent, liquidated, secured debts totaling
less than $1,010,650. (These amounts are adjusted periodically to
reflect changes in the consumer price index; last adjusted April 1,
2007.) The spouse of a married individual must meet the same debt
limits, but need not have a regular income. “Noncontingent” means that
no condition besides the passage of time need occur before the debt is
due. “Liquidated” means that the amount of the debt is fixed and known,
except perhaps for the amount of interest or default penalties and
collection costs.
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