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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.
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"California Property Exemptions"
Certain property is exempt from forfeiture and liquidation for payment of unsecured debts. Debtors in California bankruptcy cases may elect
the specific property listed by state statute which include allowances for personal property, insurance,
pensions, tools of trade and many other items. The characterization of property to conform to allowed statutory
definitions of exempt property is often subject to dispute. 16 state jurisdictions allow debtors to alternatively
select
the federal exemptions specified by the Code.
| Rule 4003 of the Federal Bankruptcy Rules of Procedure provides, in part, "(a) Claim of
Exemptions. A debtor shall list the property claimed as exempt under Sec. 522 of the Code on the schedule of
assets required to be filed by Rule 1007. If the debtor fails to claim exemptions or file the schedule
within the time specified in Rule 1007, a dependent of the debtor may file the list within 30 days
thereafter." |
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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