On June 21, 2022, the Bankruptcy Threshold Adjustment and Technical Corrections Act(link is external) (the "BTATC" Act), Pub. L. No. 117-151, 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 $7,500,000, 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).
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)
Please ensure your bankruptcy software, if applicable, is updated with the most recent versions of these forms.
For more information, visit the U.S. Court's website at https://www.uscourts.gov/rules-policies/pending-rules-and-forms-amendments/pending-and-recent-changes-bankruptcy-forms