|
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 13 Confirmation"
Before a California bankruptcy plan of reorganization becomes effective, the court must approve, or "confirm" the
plan after notice and hearing. Absent confirmation, cases are either dismissed or converted to Chapter 7.
| 11 U.S.C. §1325(a) provides, in part, "Except as provided in subsection (b), the court
shall confirm a plan if - (1) The plan complies with the provisions of this chapter and with the other
applicable provisions of this title; (2) any fee, charge, or amount required under chapter 123 of title 28,
or by the plan, to be paid before confirmation, has been paid; (3) the plan has been proposed in good faith
and not by any means forbidden by law; (4) the value, as of the effective date of the plan, of property to
be distributed under the plan on account of each allowed unsecured claim is not less than the amount that
would be paid on such claim if the estate of the debtor were liquidated under chapter 7 of this title on
such date." A majority of the secured creditors in a California bankruptcy proceeding under Chapter 13 must
also approve the plan. |
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.
|
