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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 Plan"
In California bankruptcy cases filed under Chapter 13 of the Code, a plan of reorganization is required that
proposes repayment of all, or part, of total debts owed to creditors. Confirmation of the plan is required based
on the court's assessment of compliance with applicable bankruptcy laws, including turn over of all disposable
income to the trustee.
| 11 U.S.C. §1322(a): "The plan shall - (1) provide for the submission of all or such
portion of future earnings or other future income of the debtor to the supervision and control of the trustee
as is necessary for the execution of the plan; (2) provide for the full payment, in deferred cash payments,
of all claims entitled to priority under section 507 of this title, unless the holder of a particular claim agrees
to a different treatment of such claim; and (3) if the plan classifies claims, provide the same treatment
for each claim within a particular class." |
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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