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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 Trustee"
In California bankruptcy cases filed under Chapters 7 and 13, a trustee is appointed by the court to review legal compliance
for all documents filed by debtors, recommend the disposition of the case, and file a final accounting.
Trustees serve the U.S. Department of Justice, though the U.S. Trustee's Office, and are generally local
attorneys acting as Assistant US Trustees for California bankruptcy proceedings. Trustees represent the interest of the
DOJ & U.S. Trustee.
| 11 U.S.C. §307: "The United States trustee may raise and may
appear and be heard on any issue in any case or proceeding under this title but may not file a plan pursuant
to section 1121(c) of this title"
11 U.S.C. §323: "(a) The trustee in a case under this title is the representative of the estate. (b) The
trustee in a case under this title has capacity to sue and be sued"
11 U.S.C. §330(a): "(1) After notice to the parties in interest and the United States Trustee and a
hearing, and subject to sections 326, 328, and 329, the court may award to a trustee, an examiner, a
professional person employed under section 327 or 1103 - (A) reasonable compensation for actual, necessary
services rendered by the trustee, examiner, professional person, or attorney and by any paraprofessional person
employed by any such person; and (B) reimbursement for actual, necessary expenses." |
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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