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Chapter 13
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- 1Ramsey Expert Warns Mom Against Chapter 13 Over $212K Debt▼'You're Making a Worse Situation Worse': Cruze to Mom Eyeing Chapter 13 on $62K in Cards and $150K in Student Loans
Personal finance personality George Kamel, working with the Ramsey show, told a mother weighing Chapter 13 bankruptcy that filing would 'make a worse situation worse' given her debts of $62,000 in credit card balances and $150,000 in student loans. The exchange has drawn attention for its blunt advice, with commenters debating whether bankruptcy protection or aggressive repayment is the better path for someone in that position.
- 2Congress Passes Law Raising Bankruptcy Debt Limits▼Congress Passes Law to Raise Subchapter V and Chapter 13 Debt Limits
Congress has passed legislation raising the debt limits for Subchapter V small-business bankruptcies and Chapter 13 consumer filings. The change will allow more small businesses and individual debtors to qualify for those bankruptcy protections, which had been capped at thresholds that inflation and economic pressure had increasingly outpaced. Legal observers note the adjustment affects how many struggling borrowers can restructure debts under the bankruptcy code.