"Virginia Chapter 12"
A unique provisions of the Code limited in application to family farmers. To be a qualified family farmer,
the majority of income earned must be earned from farm operations. As a rural business operation, the homestead exemption is
also available according to general Virginia bankruptcy laws.
| 11 U.S.C. §1203: "Rights and powers of debtor. Subject to such limitations as the court
may prescribe, a debtor in possession shall have all the rights, other than the right to compensation under
section 330, and powers, and shall perform all the functions and duties, except the duties specified in paragraphs
(3) and (4) of section 1106(a), of a trustee serving in a case under chapter 11, including operating the
debtor's farm" |
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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