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"Virginia Business Bankruptcy"
Corporations, partnerships and sole proprietorships are specifically authorized to file Virginia bankruptcy,
based on domicile or property ownership within the state. U.S. citizenship is not required. Jurisdiction based
upon property ownership is subject to review.
| 11 U.S.C. §101(9): "corporation - (A) (i) association having a power or privilege that a
private corporation, but not an individual or a partnership, possesses; (ii) partnership association organized
under a law that makes only the capital subscribed responsible for the debts of such association; (iii) joint-stock
company; (iv) unincorporated company or association; or (v) business trust; but (B) does not include limited
partnership;" |
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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