"Virginia Chapter 7"
Liquidation of debts according to 11 U.S.C. 701, et seq., through the federal court system. All Virginia Chapter
7 cases must be filed in federal court.
| 11 U.S.C. §727: "The court shall grant the debtor a discharge, unless . . ."
Notice the mandatory language within the statute providing discharge. All requests for discharge must be
granted, based upon the request of a debtor, "unless" the trustee, a creditor, the court upon it's own
motion, or an interested party proves the debtor is not entitled to relief. |
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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