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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
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.
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"California Convert Bankruptcy"
A conversion of a California bankruptcy case from Chapter 13 to Chapter 7, or converting Chapter 7 to Chapter 13,
requires court approval. The process is initiated by filing a motion which requests permission to convert a
pending case to another chapter.
| 11 U.S.C. §348(a): "Conversion of a case from a case under one chapter of this title to a
case under another chapter of this title constitutes an order for relief under the chapter to which the case
is converted, but, except as provided in subsections (b) and (c) of this section, does not effect a change in
the date of the filing of the petition, the commencement of the case, or the order for relief." |
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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