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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 Chapter 13"
Once the fee is paid and case number assigned in a California bankruptcy case, deadlines for submitting a proposed
plan and meeting with the creditors begin counting downward. Debtors must prove their ability to make plan
payments from disposable income, after living allowances, for the duration of the plan.
| 11 U.S.C. §1326 provides, in part, "(a) (1) Unless the court orders otherwise, the debtor
shall commence making the payments proposed by a plan within 30 days after the plan is filed. (2) A payment
made under this subsection shall be retained by the trustee until confirmation or denial of confirmation of
a plan. If a plan is confirmed, the trustee shall distribute any such payment in accordance with the plan as
soon as practicable. If a plan is not confirmed, the trustee shall return any such payment to the debtor,
after deducting any unpaid claim allowed under section 503(b) of this title." |
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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