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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 Schedules"
In all California bankruptcy cases under Chapters 7 and 13, debtors must provide the court with required
disclosures including all assets, liabilities, and creditors. In addition, many other financial disclosures are
required. The compiled set of disclosures comprise multiple schedules of items according to classifications used
by the court. Stated similarly, schedules are lists of items requested by the court in a format required by law.
All California bankruptcy courts require conformity with the Federal Rules of Bk. Procedure which incorporate local
rules in all California bankruptcy proceedings.
| 11 U.S.C. §110(h): (1) Within 10 days after the date of the filing of a petition, a bankruptcy petition
preparer shall file a declaration under penalty of perjury disclosing any fee received from or on behalf
of the debtor within 12 months immediately prior to the filing of the case, and any unpaid fee charged to
the debtor. (2) The court shall disallow and order the immediate turnover to the bankruptcy trustee
of any fee referred to in paragraph (1) found to be in excess of the value of services rendered for the
documents prepared. An individual debtor may exempt any funds so recovered under section 522(b).(3) The debtor,
the trustee, a creditor, or the United States trustee may file a motion for an order under paragraph (2).(4) A
bankruptcy petition preparer shall be fined not more than $500 for each failure to comply with a court order
to turn over funds within 30 days of service of such order." |
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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