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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 Reorganization"
Plans proposed in California bankruptcy cases under Chapter 11, 12, and 13 may, and usually do, alter payment
terms for debts. Reorganization refers to discounting interest payments, extending payment terms, rejecting
contingent claims, and avoiding particular debts. A Chapter 13 plan may reorganize debts, for a period of
payment of not more than 5 years, and may provide as little as 10% repayment of principal owed. All three types
of reorganization available through California bankruptcy courts require the submission of a plan.
| 11 U.S.C. §1123(a) provides, in part, "Contents of plan. (a) Notwithstanding any
otherwise applicable nonbankruptcy law, a plan shall - (1) designate, subject to section 1122 of this title,
classes of claims, other than claims of a kind specified in section 507(a)(1), 507(a)(2), or 507(a)(8) of
this title, and classes of interests; (2) specify any class of claims or interests that is not impaired
under the plan; (3) specify the treatment of any class of claims or interests that is impaired under the
plan; (4) provide the same treatment for each claim or interest of a particular class, unless the holder of
a particular claim or interest agrees to a less favorable treatment of such particular claim or interest;
(5) provide adequate means for the plan's implementation, such as - " |
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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