The Federal Rules of Bankruptcy Procedure govern procedures for bankruptcy proceedings.
For many years, such proceedings were governed by the General Orders and Forms in Bankruptcy promulgated by the Supreme Court. By order dated April 24, 1973, effective October 1, 1973, the Supreme Court prescribed, pursuant to 28 U.S.C. § 2075, the Bankruptcy Rules and Official Bankruptcy Forms, which abrogated previous rules and forms. The Bankruptcy Rules and Official Forms were last amended in 2023.
The National Guard and Reservists Debt Relief Act of 2008, Pub. L. No. 110-438, as amended by Public Law No. 118-24, provides a temporary exclusion from the bankruptcy means test for certain reservists and members of the National Guard. At the request of the Judicial Conference's Advisory Committee on Bankruptcy Rules, Interim Rule 1007-I (pdf) was transmitted to the courts for adoption as a local rule to implement the temporary exclusion. The temporary exclusion originally went into effect for three years on December 19, 2008. It has been extended several times by Congress, most recently until December 19, 2027.
(Inapplicable to cases filed after June 21, 2024)
On June 21, 2022, the Bankruptcy Threshold and Technical Corrections Act (BTATC Act), Pub. L. 117-151 temporarily set, until June 21, 2024, the total debt limit for determining eligibility of a debtor to proceed under subchapter V of chapter 11 to $7,500,000 – the amount previously in effect for several years under the CARES Act. Interim Bankruptcy Rule 1020 (pdf) was drafted to implement that temporary $7,500,000 BTATC Act debt limit, and courts were encouraged to adopt the Interim Rule as a local rule while the BTATC debt limits were in effect. Because the BTATCA debt limit for subchapter V cases expired on June 21, 2024, Interim Rule 1020 is not applicable to cases filed after that date. With respect to cases filed after June 21, 2024, the applicable debt limit for subchapter V cases is the same as that for a small business case as defined in 11 U.S.C. § 101(51D) - $3,024,725 (amount subject to adjustment on 4/01/25 and every three years after that).
Refer to the United States Code, Title 11, Bankruptcy.