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"Virginia Bankruptcy 341 Meeting"
All cases commenced under Chapter 7 & chapter 13 require the appointment of a trustee who will require
testimony, under oath, at a public meeting. Creditors receive notice of the meeting. Creditors who choose to
attend may ask questions while the debtor remains under oath. All debtor responses are admissible as evidence
before the court.
| 11 U.S.C. §341: "(a) Within a reasonable time after the order for relief in a case under
this title, the United States trustee shall convene and preside at a meeting of creditors. (b) The United
States trustee may convene a meeting of any equity security holders. (c) The court may not preside at, and
may not attend, any meeting under this section including any final meeting of creditors." |
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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