"Virginia Bankruptcies"
Generally, a domicile within the state is required. Nevertheless, U.S. citizenship is not required and foreign
citizens may file Virginia bankruptcies based on property ownership within the state, in limited circumstances.
| 11 U.S.C. §109(a): "Notwithstanding any other provision of this section, only a
person that resides or has a domicile, a place of business, or property in the United States, or a
municipality, may be a debtor under this title." |
On March 5, 2004 the Virginia Bankruptcy Courts adopted newly adjusted dollar amounts which apply throughout
the Code. The changes became effective April1, 2004. The adjusted amounts affect the values throughout carious
Code sections, including the eligibility requirement for debtors who file Chapter 13, the value of claims which
the Code treats as a priority claim, the amount of creditor claims need to instigate an involuntary petition,
and the amount of luxury goods and services which may be considered nondischargeable if acquired within 30 days
of filing. These changes to Virginia bankruptcy law were based on the Consumer Price Index published by the US
Dept. of Labor, and increase values to reflect rising prices. These changes became mandatory every three years
beginning in 1994.
Back to Virginia Bankruptcy Court words & phrases.
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