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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 Forms"
Each court provides official Virginia bankruptcy forms and official instructions. These documents are required
in substantially the same format as distributed by the court. Be aware court instructions are not a substitute
for legal advice, and that an expansive or restrictive interpretation of defined terms impacts the effect of
filing each Virginia bankruptcy proceeding. Contingent, unliquidated, and contractual liability are particularly vulnerable to subjective
interpretation.
| Uniform Local Bankruptcy Rule 3 provides, in part, "(a) Duties Prior to Filing Petition and
Schedules. Prior to filing the petition and schedules, the attorney for the debtor shall personally review
them to determine and insure that: (1) The correct form has been used; (2) The petition has been completed
and is accurate; (3) All state and federal exemptions available have been properly claimed with the correct
statutory citations; (4) All of the debtor's assets and property have been accurately identified; (5) All
lien creditors, their security interests and the collateral have been accurately described; (6) The debtor
and the debtor's attorney have signed the petition at all appropriate places; and (7) A notice of
alternative chapters under which an individual debtor(s) may proceed, has been properly executed by the
debtor(s). It is to be filed with the bankruptcy petition in all individual cases. The official local form
may be obtained from the clerk. (8) A schedule of current income and current expenditures has been included
in the petition and schedules. 11 U.S.C. 521(1). This rule applies in all Virginia bankruptcy cases. |
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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