[Federal Register Volume 63, Number 29 (Thursday, February 12, 1998)]
[Notices]
[Pages 7179-7180]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3599]


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JUDICIAL CONFERENCE OF THE UNITED STATES


Revision of Certain Dollar Amounts in The Bankruptcy Code 
Prescribed Under Section 104(B) of The Code

AGENCY: Judicial Conference of the United States.

ACTION: Notice is provided that various dollar amounts in title 11, 
United States Code, are increased.

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SUMMARY: Section 108 of the Bankruptcy Reform Act of 1994 established 
the mechanism for the automatic three-year adjustment of dollar amounts 
in certain sections of the Bankruptcy Code by adding subsection (b) to 
section 104 of title 11. That provision states:
    (b)(1) On April 1, 1998, and at each 3-year interval ending April 1 
thereafter, each dollar amount in effect under [the designated sections 
of the code] immediately before such April 1 shall be adjusted--
    (A) to reflect the change in the Consumer Price Index for All Urban 
Consumers, published by the Department of Labor, for the most recent 3-
year period ending immediately before January 1 preceding such April 1, 
and
    (B) to round to the nearest $25 the dollar amount that represents 
such change.
    (2) Not later than March 1, 1998, and at each 3-year interval 
ending on March 1 thereafter, the Judicial Conference of the United 
States shall publish in the Federal Register the dollar amounts that 
will become effective on such April 1 under sections 109(e), 303(b), 
507(a), 522(d), and 523(a)(2)(C) [of the Bankruptcy Code].
    (3) Adjustments made in accordance with paragraph (1) shall not 
apply with respect to cases commenced before the date of such 
adjustments.

Revision of Certain Dollar Amounts in Bankruptcy Code

    Notice is hereby given that the dollar amounts are increased in the 
sections in title 11, United States Code, as set out in the following 
chart. These increases do not apply to cases commenced before the 
effective date of the adjustments, i.e., April 1, 1998. Official 
Bankruptcy Forms 6E and 10 also will be amended to reflect these 
adjusted dollar amounts.

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               11 U.S.C.                    Dollar amount to be adjusted         New (adjusted) dollar amount   
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Section 109(e)--allowable debt limits   $250,000 (each time it appears)....  $269,250 (each time it appears).   
 for filing bankruptcy under Chapter    750,000 (each time it appears).....  807,750 (each time it appears).    
 13.                                                                                                            
Section 303(b)--minimum aggregate                                                                               
 claims needed for the commencement of                                                                          
 an involuntary bankruptcy:                                                                                     
    (1)--in paragraph (1).............  10,000.............................  10,775.                            
    (2)--in paragraph (2).............  10,000.............................  10,775.                            
Section 507(a)--priority claims:                                                                                
    (1)--in paragraph (3).............  4,000..............................  4,300.                             
    (2)--in paragraph (4)(B)(i).......  4,000..............................  4,300.                             
    (3)--in paragraph (5).............  4,000..............................  4,300.                             
    (4)--in paragraph (6).............  1,800..............................  1,950.                             
Section 522(d)--value of property                                                                               
 exemptions allowed to the debtor:                                                                              
    (1)--in paragraph (1).............  15,000.............................  16,150.                            
    (2)--in paragraph (2).............  2,400..............................  2,575.                             
    (3)--in paragraph (3).............  400................................  425                                
                                        8,000..............................  8,625.                             
    (4)--in paragraph (4).............  1,000..............................  1,075.                             
    (5)--in paragraph (5).............  800................................  850                                
                                        7,500..............................  8,075.                             

[[Page 7180]]

                                                                                                                
    (6)--in paragraph (6).............  1,500..............................  1,625.                             
    (7)--in paragraph (8).............  8,000..............................  8,625.                             
    (8)--in paragraph (11)(D).........  15,000.............................  16,150.                            
Section 523(a)(2)(C)--``luxury goods    1,000 (each time it appears).......  1,075 (each time it appears).      
 and services'' or cash advances                                                                                
 obtained by the consumer debtor                                                                                
 within 60 days before the filing of a                                                                          
 bankruptcy petition, which are                                                                                 
 considered nondischargeable.                                                                                   
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FOR FURTHER INFORMATION CONTACT: Francis F. Szczebak, Chief, Bankruptcy 
Judges Division, Administrative Office of the United States Courts, 
Washington, D.C. 20544, telephone (202) 273-1900.

    Dated: February 3, 1998.
Francis F. Szczebak,
Chief, Bankruptcy Judges Division.
[FR Doc. 98-3599 Filed 2-11-98; 8:45 am]
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