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A one that joins with no less than just one other to very own and run a company for financial gain -- and who (unlike a corporation's house owners), is personally responsible for all of the small business's debts and obligations.
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When submitting for Chapter 13 bankruptcy in Virginia, bankruptcy exemptions are of a lot less concern. As long as the debtor proposes to produce complete installment payments during the Chapter thirteen program such as what creditors would have received in a liquidation of the entire debtor’s unprotected house in the Chapter 7 bankruptcy, the debtor’s residence is fully guarded.
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$five,000 of price of "tools on the trade". Choices by point out court judges interpreting Virginia bankruptcy legislation have held that this exemption is applicable only if the “tool” is made use of immediately in the particular trade. By way of example, a carpenter’s truck would not be exempt, but an expert mover’s truck might be.
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