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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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"Virginia Bankruptcy Exemptions"
State statutes list specific property which is exempt from seizure in Virginia bankruptcy cases. In 16 states, residents are
allowed to select either state or federal exemptions provided by 11 U.S.C. 522. In all other states and
jurisdictions, debtors are limited to state exemptions only.
| 11 U.S.C. §522 allows an individual debtor may exempt from property of the estate "(A)
any property that is exempt under Federal law, other than subsection (d) of this section, or State or local
law that is applicable on the date of the filing of the petition at the place in which the debtor's domicile
has been located for the 180 days immediately preceding the date of the filing of the petition, or for a
longer portion of such 180-day period than in any other place; and (B) any interest in property in which
the debtor had, immediately before the commencement of the case, an interest as a tenant by the entirety
or joint tenant to the extent that such interest as a tenant by the entirety or joint tenant is exempt
from process under applicable nonbankruptcy law." |
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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