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 Laws - Insurance Policies

Code of Civil Procedure §703.140(b) provides, in part, "(7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract. (8) The debtor's aggregate interest, not to exceed in value nine thousand three hundred dollars ($9,300), in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent."

Operation of law

All current wages are exempt and may be retained in either Chapter 7 or Chapter 13. In practice, retaining status as "wages" for purpose of cash exemptions may be difficult for more than 30 days. Assume that wages convert to savings at some future date, which are not covered by the statute. Also, commingling current wages with savings or other accounts may destroy the application of this exemption. Creditors may file objections and, after notice and hearing, request the court to set aside all non-conforming exemptions. Many debtors use savings and other non-exempt assets to pay regular monthly expenses just before filing.

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