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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 Rules"
All California bankruptcy courts incorporate federal rules. In particular, the federal rules of evidence, civil procedure,
criminal procedure, and
sentencing apply. Additionally, all courts require compliance with local rules which apply within the
district, and division, if any. Deviation from applicable rules subjects a case to dismissal.
| The Federal Rules of Bankruptcy Procedure apply in addition to the Code. These rules
provide administrative detail for the implementation of the intention of the Code. Additionally, local rules
are adopted by each court. Many local rules are based upon the Uniform Bankruptcy Local Rules. Further rules
are commonly created for location specific concerns, and may apply only in one district, division, or court. |
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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