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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 Reaffirming Debts"
The act of reaffirming debts requires court approval in all California bankruptcy proceedings. Both the documents required to evidence a reaffirmation
of debt, and the hearing conducted by the court, inform the debtor that payment of the debt will be mandatory.
Discharge does not eliminate reaffirmed debts. Creditors obtaining a reaffirmation in a California bankruptcy
proceeding may file suit in state courts for collection in the
event of nonpayment, despite a general Chapter 7 discharge.
| 11 U.S.C. §521(2)(a) provides "within thirty days after the date of the filing of a
petition under chapter 7 of this title or on or before the date of the meeting of creditors, whichever is
earlier, or within such additional time as the court, for cause, within such period fixes, the debtor shall
file with the clerk a statement of his intention with respect to the retention or surrender of such property
and, if applicable, specifying that such property is claimed as exempt, that the debtor intends to redeem
such property, or that the debtor intends to reaffirm debts secured by such property." |
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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