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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 Bankruptcy Meeting of the Creditors"
Trustees are assigned multiple roles in California bankruptcy cases under Chapter 7 & Chapter 13. During the meeting of the creditors,
trustees examine debtors and their schedules for compliance with all statutes and laws. Also, and equally
important, trustees protect debtors from unfounded allegations and abuse from creditors who may choose to attend
this public meeting. Unprofessional conduct will not be tolerated from any party.
| 11 U.S.C. §341(d): "Prior to the conclusion of the meeting of creditors or equity security
holders, the trustee shall orally examine the debtor to ensure that the debtor in a case under chapter
of this title is aware of - (1) the potential consequences of seeking a discharge in bankruptcy, including the
effects on credit history; (2) the debtor's ability to file a petition under a different chapter of this title;
(3) the effect of receiving a discharge of debts under this title; and (4) the effect of reaffirming a debt,
including the debtor's knowledge of the provisions of section 524(d) of this title" |
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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