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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
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"California Bankruptcy Discharge"
A "discharge in California bankruptcy cases is available in all chapters. In Ch. 7 cases, discharge requires no
repayment on unsecured, non-priority debts. In Ch. 11 and 13 cases, a plan of reorganization must propose full
or partial repayment and be approved by the court.
| 11 U.S.C. §1328 provides, in part, "As soon as practicable after completion by the debtor
of all payments under the plan, unless the court approves a written waiver of discharge executed by the debtor
after the order for relief under this chapter, the court shall grant the debtor a discharge of all debts provided
for by the plan or disallowed under section 502 of this title, except any debt - " |
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.
Back to California Bankruptcy words & phrases.
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