"Virginia Chapter 7 Information"
Basic information and forms are available from Virginia bankruptcy courts. Be aware that the information
provided is not the same as legal advice. Courts are not permitted to advise debtors, creditors or other
interested parties.
11 U.S.C. Chapter 7 provides the following:
- SUBCHAPTER I OFFICERS AND ADMINISTRATION
- SUBCHAPTER II COLLECTION, LIQUIDATION, AND DISTRIBUTION OF THE ESTATE
- SUBCHAPTER III STOCKBROKER LIQUIDATION
- SUBCHAPTER IV COMMODITY BROKER LIQUIDATION
- SUBCHAPTER V CLEARING BANK LIQUIDATION
In addition to statutes appearing in chapter 7, many other provisions of different titles and Chapters
of the United States Code apply.
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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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