Bankruptcy changes coming in 2025 refer to the modifications to the bankruptcy code that will take effect in 2025. These changes are designed to make the bankruptcy process more efficient and effective for both debtors and creditors.
One of the most significant changes is the increase in the homestead exemption. This means that debtors will be able to protect more of their home equity in bankruptcy. The homestead exemption will increase from $25,150 to $40,000 for single filers and from $50,300 to $80,000 for married couples filing jointly.