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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 13"
Restructure of debts according to 11 U.S.C. 1301, et seq., through the federal court system. All California
Chapter
13 cases must be filed in federal court. Additionally, debtors must maintain a regular income and be capable of
making monthly payments. California bankruptcy plans require turn-over of all disposable income.
| 11 U.S.C. §109(e) "Only an individual with regular income that owes, on the date of the
filing of the petition, noncontingent, liquidated, unsecured debts of less than $250,000 and noncontingent, liquidated,
secured debts of less than $750,000, or an individual with regular income and such individual's spouse,
except a stockbroker or a commodity broker, that owe, on the date of the filing of the petition,
noncontingent, liquidated, unsecured debts that aggregate less than $250,000 and noncontingent,
liquidated, secured debts of less than $750,000 may be a debtor under chapter13 of this title." (ed -
Limits are now higher). |
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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