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Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases
The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.
Free - 2010 Bankruptcy Strategies Explained
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"Virginia Bankruptcy Meeting of the Creditors"
Trustees are assigned multiple roles in Virginia bankruptcy cases under Chapter 7 & Chapter 13. During the meeting of the creditors,
trustees examine debtors and their schedules for compliance with all statutes and laws. Also, and equally
important, trustees protect debtors from unfounded allegations and abuse from creditors who may choose to attend
this public meeting. Unprofessional conduct will not be tolerated from any party.
| 11 U.S.C. §341(d): "Prior to the conclusion of the meeting of creditors or equity security
holders, the trustee shall orally examine the debtor to ensure that the debtor in a case under chapter
of this title is aware of - (1) the potential consequences of seeking a discharge in bankruptcy, including the
effects on credit history; (2) the debtor's ability to file a petition under a different chapter of this title;
(3) the effect of receiving a discharge of debts under this title; and (4) the effect of reaffirming a debt,
including the debtor's knowledge of the provisions of section 524(d) 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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