|
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 Chapter 11"
Reorganization of debts according to 11 U.S.C. 1101, et seq., through the federal court system. All California
bankruptcy proceedings under chapter
11 must be filed in federal court, and generally, do not require a trustee to administer the estate. The
majority of all California bankruptcy cases filed under Chapter 11 are administered by the debtor-in-possession.
| 11 U.S.C. §1107: "(a) Subject to any limitations on a trustee serving in a case under this
chapter, and to such limitations or conditions as the court prescribes, a debtor in possession shall have all the
rights, other than the right to compensation under section 330 of this title, and powers, and shall perform all
the functions and duties, except the duties specified in sections 1106(a)(2), (3), and (4) of this title, of a
trustee serving in a case under this chapter. (b) Notwithstanding section 327(a) of this title, a person is not
disqualified for employment under section 327 of this title by a debtor in possession solely because of such
person's employment by or representation of the debtor before the commencement of the case" |
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.
|
