"Virginia Bankruptcy Petition"
All Virginia bankruptcy cases are initiated by filing a petition in federal court. A petition is a legal
pleading that informs the court and parties in interest of the debtors name, residence, case number, chapter
number, and sets forth the relief requested from the court. The format of petitions must conform to pleading
rules established by law and the court.
| 11 U.S.C. §110(d): "(1) A bankruptcy petition preparer shall, not later than the time at
which a document for filing is presented for the debtor's signature, furnish to the debtor a copy of the document.
(2) A bankruptcy petition preparer who fails to comply with paragraph (1) may be fined not more than $500 for each
such failure unless the failure is due to reasonable cause. |
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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