Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

Free - 2010 Bankruptcy Strategies Explained

Ask a Bankruptcy Lawyer for Help – Expand Your Options Quickly

If you are thinking about filing Chapter 7 or Chapter 13 bankruptcy, you are not alone. Complete the form below to contact a sponsoring bankruptcy lawyer. Ask all questions you deem important without cost or obligation of any kind. Free help is only a few minutes away.

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California Bankruptcy Definitions & Tips:

A few of the more common words and phrases used by the California bankruptcy courts are included in following list. Be aware of variations between common usage, as compared to legal definitions derived from statutes, case interpretations, and local customs.

New bankruptcy laws are now pending before the U.S. Congress. Governor Schwarzenegger is expected to endorse the proposed amendments. Because of the rapid increase in national filings, these new laws specifically target consumer cases which account for approximately 99% of all cases filed. Filing qualifications will become more difficult.

Recent changes and amendments in California bankruptcy courts include: 1) Notice to Attorneys 03-09 - Notice of Amended Official California Bankruptcy Forms and Amendments to Bankruptcy Rules Effective December 1, 2008, 2) Notice to Attorneys 03-08 - Notice of electronic availability of case file information dated 11/14/03, 3) Notice to Attorneys 03-07 regarding privacy changes effective December 1, 2008, and 4) Notice to Attorneys 03-06 regarding privacy changes effective December 1, 2008.

The California Bankruptcy Courts adopted new statutory limits (dollar amounts) within Title 11 of the U.S. Code.  Section 109(e) - the allowable debt limit for unsecured debt is increased to $307,675. The allowable debt limit for secured liabilities is increased to $922,975. The minimum aggregate claims need to commence an involuntary petition under Section 303(b) is increased to $12,300. Exemptions provided by Section 522 are also increased. The maximum value of homestead equity that may be claimed is increased to $18,450. Other exemption increases include paragraphs (2) through (8). Luxury goods and services obtained within 60 days before filing are nondischargeble, if exceeding the newly amended amount of $1,225. These amounts are adjusted automatically by California bankruptcy courts every three years.

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