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"Virginia Chapter 13 Laws"
All Virginia bankruptcy cases under Chapter 13 must be filed in federal court. The Code incorporates state statutes for property
exemption options, permissible collection and foreclosure proceeds, and liability for contracts, torts and
criminal matters. All Chapter 13 cases must provide creditors with repayment equal to or greater than would be
available for distribution under Chapter 7.
| 11 U.S.C. §1301, et seq. provides for unique statutory provisions which apply only to
Chapter 13. Many other provisions of Title 11 also apply to all cases filed in federal court. |
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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