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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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If you are thinking about filing Chapter 7 or Chapter 13 bankruptcy, you are not alone. Complete the form below to contact a sponsoring bankruptcy lawyer. Ask all questions you deem important without cost or obligation of any kind. Free help is only a few minutes away.
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"California Bankruptcy 341 Meeting"
All cases commenced under Chapter 7 & chapter 13 require the appointment of a trustee who will require
testimony, under oath, at a public meeting. Creditors receive notice of the meeting. Creditors who choose to
attend may ask questions while the debtor remains under oath. All debtor responses are admissible as evidence
before the court.
| 11 U.S.C. §341: "(a) Within a reasonable time after the order for relief in a case under
this title, the United States trustee shall convene and preside at a meeting of creditors. (b) The United
States trustee may convene a meeting of any equity security holders. (c) The court may not preside at, and
may not attend, any meeting under this section including any final meeting of creditors." |
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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