"Virginia Wager Earner Plan"
The common name for Virginia bankruptcy cases filed under Chapter 13 provided by 11 U.S.C. 1301, et seq. All
debtors who chose Chapter 13 must maintain regular income with sufficient disposable income, after living
expenses, to provide creditors with repayment equal to or above the value available through liquidation under Chapter 7.
11 U.S.C. §101(30): "individual with regular income'' means individual whose income is
sufficiently stable and regular to enable such individual to make payments under a plan under chapter of
this title, other than a stockbroker or a commodity broker"
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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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