|
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.
Need a Lawyer? LegalMatch allows you to present your case, and respond only to lawyers who want to help you. It's Free & Confidential.
"California Bankruptcy Forms"
Each court provides official California bankruptcy forms and official instructions. These documents are required
in substantially the same format as distributed by the court. Be aware court instructions are not a substitute
for legal advice, and that an expansive or restrictive interpretation of defined terms impacts the effect of
filing each California bankruptcy proceeding. Contingent, unliquidated, and contractual liability are particularly vulnerable to subjective
interpretation.
| Uniform Local Bankruptcy Rule 3 provides, in part, "(a) Duties Prior to Filing Petition and
Schedules. Prior to filing the petition and schedules, the attorney for the debtor shall personally review
them to determine and insure that: (1) The correct form has been used; (2) The petition has been completed
and is accurate; (3) All state and federal exemptions available have been properly claimed with the correct
statutory citations; (4) All of the debtor's assets and property have been accurately identified; (5) All
lien creditors, their security interests and the collateral have been accurately described; (6) The debtor
and the debtor's attorney have signed the petition at all appropriate places; and (7) A notice of
alternative chapters under which an individual debtor(s) may proceed, has been properly executed by the
debtor(s). It is to be filed with the bankruptcy petition in all individual cases. The official local form
may be obtained from the clerk. (8) A schedule of current income and current expenditures has been included
in the petition and schedules. 11 U.S.C. 521(1). This rule applies in all California bankruptcy cases. |
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.
|
