Release Notes—June 2022

On June 21, 2022, the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “BTATC” Act) became law. The Administrative Office of the United States Courts has issued Amendments to Official Forms 101 and 201 conforming to the Bankruptcy Threshold Adjustment and Technical Corrections Act.

The BTATC Act amends Section 1182(1) of the Bankruptcy Code to include the increased aggregate debt limit of $7.5 million in Subchapter V’s definition of a “debtor” and, upon sunset in two years from enactment, will revert and refer to the definition of a “small business debtor” in Section 101(51D) of the Bankruptcy Code. The BTATC Act applies retroactively to all cases commenced under Chapter 11 on or after March 27, 2022 that remain pending as of the date of enactment. The BTATC Act provides that an individual is eligible to be a debtor under Chapter 13 if the individual owes noncontingent, liquidated debts of less than $2,750,000.00 as of the date of the petition. This provision has a two year sunset from enactment.

The Best Case update available today contains the new Official Forms 101 and 201 and updates the limits tab of the Chapter 13 calculator to calculate the limit as defined in the BTATC Act.

Local Form

• District of Nevada
  • Fee Application Coversheet – new July 2022

Exemptions

• District of Minnesota
  • Household furniture, household appliances, consumer electronics, etc. Minn. Stat. § 550.37 subd. 4(b) increased from $11,250.00 to $11,700.00 – revised July 2022
  • Wedding rings Minn. Stat. § 550.37 subd. 4(c) increased from $3,062.50 to $3,185.00 – revised July 2022
  • Tools of the trade Minn. Stat. § 550.37 subd. 6 increased from $12,500.00 to $13,000.00 – revised July 2022
  • Life insurance benefits Minn. Stat. § 550.37 subd. 10 increased from $50,000.00 to $52,000.00 – revised July 2022
  • Additional dependent insurance benefits Minn. Stat. § 550.37 subd. 10 increased from $12,500.00 to $13,000.00 – revised July 2022
  • Motor vehicle Minn. Stat. § 550.37 subd. 12a increased from $5,000.00 to $5,200.00 – revised July 2022
  • Motor vehicle (modified for disability, provided modification cost at least $3,900.00) Minn. Stat. § 550.37 subd. 12a increased from $50,000.00 to $52,000.00 – revised July 2022
  • Insurance policies Minn. Stat. § 550.37 subd. 23 increased from $10,000.00 to $10,400.00 – revised July 2022
  • Employee benefits Minn. Stat. § 550.37 subd. 24 increased from $75,000.00 to $78,000.00 – revised July 2022
  • Homestead (limited to 160 acres) Minn. Stat. § 510.01, § 510.02 increased from $450,000.00 to $480,000.00 – revised July 2022
  • Homestead (used primarily for agriculture) Minn. Stat. § 510.01, § 510.02 increased from $1,125,000.00 to $1,200,000.00 – revised July 2022