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"Virginia Chapter 7 Trustee"
The role of the trustee in Virginia bankruptcy cases filed under Chapter 7 is as an administrator. A trustee
reviews a cases for compliance with filing requirements, disclosures, valuations, exemptions and property
forfeiture. Trustees also may file motions to object, including opposition to discharge. The presumption is in
favor of discharge.
| 11 U.S.C. §725: "After the commencement of a case under this chapter [7-liquidation], but before final
distribution of property of the estate under section 726 of this title, the trustee, after notice
and a hearing, shall dispose of any property in which an entity other than the estate has an interest, such
as a lien, and that has not been disposed of under another section 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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