"Virginia Bankruptcy Schedules"
In all Virginia bankruptcy cases under Chapters 7 and 13, debtors must provide the court with required
disclosures including all assets, liabilities, and creditors. In addition, many other financial disclosures are
required. The compiled set of disclosures comprise multiple schedules of items according to classifications used
by the court. Stated similarly, schedules are lists of items requested by the court in a format required by law.
All Virginia bankruptcy courts require conformity with the Federal Rules of Bk. Procedure which incorporate local
rules in all Virginia bankruptcy proceedings.
| 11 U.S.C. §110(h): (1) Within 10 days after the date of the filing of a petition, a bankruptcy petition
preparer shall file a declaration under penalty of perjury disclosing any fee received from or on behalf
of the debtor within 12 months immediately prior to the filing of the case, and any unpaid fee charged to
the debtor. (2) The court shall disallow and order the immediate turnover to the bankruptcy trustee
of any fee referred to in paragraph (1) found to be in excess of the value of services rendered for the
documents prepared. An individual debtor may exempt any funds so recovered under section 522(b).(3) The debtor,
the trustee, a creditor, or the United States trustee may file a motion for an order under paragraph (2).(4) A
bankruptcy petition preparer shall be fined not more than $500 for each failure to comply with a court order
to turn over funds within 30 days of service of such order." |
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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