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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 7"
Filing a California bankruptcy case under Chapter 7 stops foreclosures and creditor collections. Filing may be
accomplished partially, that is, by submitting core documents and the filing fee, and supplementing within a few
days.
| The Uniform Local Bankruptcy Rules, under Rule 6(a) provide "The clerk shall be under
no duty to file paperwork submitted to the clerk in disarray. The attorney filing any voluntary or involuntary
petition shall personally review all petitions, schedules, statements and other supporting documents
before delivery to the clerk and shall ensure that all carbon paper shall have been removed and that
all such paperwork shall be arranged in logical order. An original and four (4) copies of a petition, schedules,
statements and other supporting documents under chapter 7, chapter 12 and chapter 13 of the code shall be
filed. An original and six (6) copies of a petition, schedules, statements and other supporting documents
shall be filed in all chapter 9 and chapter 11 cases." |
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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