Amendments to Official Forms 101 and 201 conforming to the Bankruptcy Threshold Adjustment and Technical Corrections Act.
On June 21, 2022, the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “BTATC” Act) became law. The BTATC Act once again increases the total debt threshold (as defined in the Act) for determining the eligibility of a debtor to proceed under subchapter V of chapter 11 to $7.5 million, effective retroactively to cases commenced on or after March 27, 2020 through June 21, 2024 (two years after the date of enactment of the BTATC Act).
Additionally, the BTATC Act also provides that an individual with regular income is eligible to be a debtor under Chapter 13 if the individual owes noncontingent, liquidated debts of less than $2.75 million as of the date of the petition. This provision will also sunset two years from enactment.
The Official Bankruptcy Forms listed below have been revised to conform to the BTATC Act and went into effect on June 21, 2022
● Official Form 101, Voluntary Petition for Individuals (revises line 13)
● Official Form 201, Voluntary Petition for Non-Individuals (revises line 8)
M. Regina Thomas
Clerk of Court