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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 Chapter 11 Trustee"
In most California bankruptcy cases, a Chapter 11 trustee is not appointed. The debtor retains possession of all
assets and is permitted to continue business operations. However, based upon an objection filed by a creditor,
or upon the courts own motion, a trustee may be appointed. Generally, the appointment of a trustee in California
bankruptcy cases under Chapter 11 is based upon
a debtor's failure to comply with statutory requirements. California bankruptcy trustees tend to specialize by chapter of
expertise.
| 11 U.S.C. §1104(a): "At any time after the commencement of the case but before confirmation
of a plan, on request of a party in interest or the United States trustee, and after notice and a hearing, the court
shall order the appointment of a trustee - (1) for cause, including fraud, dishonesty, incompetence, or gross
mismanagement of the affairs of the debtor by current management, either before or after the commencement of the
case, or similar cause, but not including the number of holders of securities of the debtor or the amount of assets
or liabilities of the debtor; or (2) if such appointment is in the interests of creditors, any equity security holders,
and other interests of the estate, without regard to the number of holders of securities of the debtor or
the amount of assets or liabilities of the debtor." |
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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