"Virginia Convert Bankruptcy"
A conversion of a Virginia bankruptcy case from Chapter 13 to Chapter 7, or converting Chapter 7 to Chapter 13,
requires court approval. The process is initiated by filing a motion which requests permission to convert a
pending case to another chapter.
| 11 U.S.C. §348(a): "Conversion of a case from a case under one chapter of this title to a
case under another chapter of this title constitutes an order for relief under the chapter to which the case
is converted, but, except as provided in subsections (b) and (c) of this section, does not effect a change in
the date of the filing of the petition, the commencement of the case, or the order for 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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