Bankruptcy Code Section 109(e) provides that:
on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $360,475 and noncontingent, liquidated, secured debts of less than $1,081,400, or an individual with regular income and such individual’s spouse, except a stockbroker or a commodity broker, that owe, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts that aggregate less than $360,475and noncontingent, liquidated, secured debts of less than $1,081,400 may be a debtor under chapter 13 of this title.
Therefore, in order to qualify for Chapter 13 bankruptcy relief, you can have secured debts of no more than $1,081,400 and unsecured debts of no more than $360,475. If your debt load is over this amount, you may have to file for Chapter 7 bankruptcy relief.
Be mindful that these amounts change periodically and will change again in 2013.
