"California Wager Earner Plan"
The common name for California bankruptcy cases filed under Chapter 13 provided by 11 U.S.C. 1301, et seq. All
debtors who chose Chapter 13 must maintain regular income with sufficient disposable income, after living
expenses, to provide creditors with repayment equal to or above the value available through liquidation under Chapter 7.
11 U.S.C. §101(30): "individual with regular income'' means individual whose income is
sufficiently stable and regular to enable such individual to make payments under a plan under chapter of
this title, other than a stockbroker or a commodity broker"
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The California Bankruptcy Courts adopted new statutory limits (dollar amounts) within Title 11 of the U.S.
Code. Section 109(e) - the allowable debt limit for unsecured debt is increased to $307,675. The allowable
debt limit for secured liabilities is increased to $922,975. The minimum aggregate claims need to commence an
involuntary petition under Section 303(b) is increased to $12,300. Exemptions provided by Section 522 are also
increased. The maximum value of homestead equity that may be claimed is increased to $18,450. Other exemption
increases include paragraphs (2) through (8). Luxury goods and services obtained within 60 days before filing
are nondischargeble, if exceeding the newly amended amount of $1,225. These amounts are adjusted automatically
by California bankruptcy courts every three years.
Back to California Bankruptcy words & phrases.
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