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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 Filing Bankruptcy"
Each city within the state is part of a federal district. By initiating a California bankruptcy case in a
particular county, state laws are incorporated into the federal process and determine, to a large extent, which
debts are enforceable, tort liability, criminal liability, and liability for divorce and child support
obligations.
| 11 U.S.C. §301: "A voluntary case under a chapter of this title is commenced by the filing with the
bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter. The
commencement of a voluntary case under a chapter of this title constitutes an order for relief under such
chapter" |
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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