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"Virginia Filing Bankruptcy"
Each city within the state is part of a federal district. By initiating a Virginia bankruptcy case in a
particular county, state laws are incorporated into the federal process and determine, to a large extent, which
debts are enforceable, tort liability, criminal liability, and liability for divorce and child support
obligations.
| 11 U.S.C. §301: "A voluntary case under a chapter of this title is commenced by the filing with the
bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter. The
commencement of a voluntary case under a chapter of this title constitutes an order for relief under such
chapter" |
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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