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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 Chapter 7"
A conversion of a California bankruptcy case from Chapter 7 to Chapter 13 fundamentally changes the nature of
the proceeding. Rather than discharge all unsecured debts, full or partial payments are required for all debts
during the duration of the plan term. Conversion of a California bankruptcy case to Chapter 13 does however allow
all past due payments to be included within the plan, as if paid current.
| 11 U.S.C. §706(a0 provides, in part, "The debtor may convert a case under this chapter to a
case under chapter 11, 12, or 13 of this title at any time, if the case has not been converted under section
1112, 1208, or 1307 of this title. Any waiver of the right to convert a case under this subsection is
unenforceable." |
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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