The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 and included certain temporary amendments to the Bankruptcy Code. See CARES Act, Div. A, Title I § 1113. On March 27, 2021, the COVID-19 Bankruptcy Relief Extension Act of 2021 was signed into law and extended the CARES Act’s bankruptcy-related amendments for an additional year. The CARES Act was not further extended and its provisions, including the bankruptcy-related amendments, sunset on March 27, 2022.
As a result of the expiration of the CARES Act, Official Forms 101, 122A-1, 122B-1, 122C-1, and 201 have reverted back to the pre-CARES Act versions. More information about the updated forms can be found here. These changes are in addition to the changes in forms resulting from upward dollar amount adjustments in certain Bankruptcy Code provisions described in our prior broadcast which go into effect April 1, 2022.
We understand that legislation has been introduced to make permanent the CARES Act amendment which increased the debt limit for debtors under subchapter V of chapter 11 to $7.5 million. We are tracking this legislation and will inform you if the legislation is passed.