"We hope that efforts continue on Capitol Hill to reinstate higher debt-eligibility limits for small businesses and chapter 13 filers to create greater access and a more efficient process for small businesses and families to achieve a financial fresh start.” Due to a statutory sunset that was unable to be extended by Congress before June 21, the enhanced subchapter V debt limit established in March 2020 dropped from $7,500,000 to $3,024,725, and the chapter 13 threshold of $2,750,000 for both secured and unsecured debt reverted back to a two-part test limiting eligibility to a maximum of $465,275 for unsecured debt and $1,395,875 for secured debt.Sen.Richard Durbin (D-Ill.), who, along with a group of bipartisan senators, had introduced S.4150 on April 17 to extend the enhanced limits for subchapter V elections and chapter 13 filers for an additional two years, has vowed to continue to try to restore greater access for small businesses and consumers.
"Commercial filing trends continue to show strong double digit percentage increases in year-over-year filings, while individual filings increased at a much lower rate compared to commercial filings in the first half of 2024,” said Michael Hunter, vice president of Epiq AACER.
The timeframe from the onset of individual financial stress to a bankruptcy filing is generally six to 18 months.” Total bankruptcy filings were 251,012 during the first six months of 2024, a 15 percent increase from the 217, 483 total filings during the same period a year ago.
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