On June 21, 2022, President Biden signed the Bankruptcy Threshold Adjustment and Technical Corrections Act.  The act states that “[o]nly an individual with regular income that owes, on the date of the filing of the petition, noncontingent, liquidated debts of less than $2,750,000 . . . may be a debtor under chapter 13” (with a two year sunset from enactment). It also defines the term debtor for purposes of section 1182(1) of the Bankruptcy Code as “a person engaged in commercial or business activities . . . that has aggregate noncontingent liquidated secured and unsecured debts as of the date of the filing of the petition or the date of the order for relief in an amount not more than $7,500,000” (with a two year sunset from enactment). The act additionally includes amendments to the Bankruptcy Administration Improvement Act. 

As a result of the passage of the Bankruptcy Threshold Adjustment and Technical Corrections Act, the Court has issued Standing Order 22-03 regarding the renewed adoption of Revised Interim Bankruptcy Rule 1020.