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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 Small Business Bankruptcy"
Small business status is permitted in California bankruptcy cases filed under Chapter 11. By qualifying as a small
business, court appearances and approvals may be combined into concurrent hearings, and the court may reduce
statutory waiting periods required generally in Chapter 11 cases.
11 U.S.C. §101(51C): 'small business'' means a person engaged in commercial or business
activities (but does not include a person whose primary activity is the business of owning or operating real
property and activities incidental thereto) whose aggregate noncontingent liquidated secured and unsecured
debts as of the date of the petition do not exceed $2,000,000
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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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