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Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases
The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.
Free - 2010 Bankruptcy Strategies Explained
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"Virginia Chapter 13 Payments"
Following confirmation of a plan, all Virginia bankruptcy cases filed under Chapter 13 require regular payments
to a trustee. All "disposable income" must be paid to the trustee, according to definitions, guidelines and
discretion allowed each court.
| 11 U.S.C. §1326(a) "(1) Unless the court orders otherwise, the debtor shall
commence making the payments proposed by a plan within 30 days after the plan is filed.(2) A payment made
under this subsection shall be retained by the trustee until confirmation or denial of confirmation of a
plan. If a plan is confirmed, the trustee shall distribute any such payment in accordance with the plan as
soon as practicable. If a plan is not confirmed, the trustee shall return any such payment to the debtor,
after deducting any unpaid claim allowed under section 503(b) of this title." |
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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