Virginia Bankruptcy
If you’re facing mountains of debt, filing bankruptcy may be a good way for you to finally become financially free. Talk to a Virginia bankruptcy attorney today about your options.
Simply plug in your ZIP code below and we’ll connect you—for no charge or obligation—to a Virginia bankruptcy lawyer in your area. Make the first move right now.
Filing Chapter 7 Bankruptcy in Virginia
If you’re looking for a solution to your financial struggles, Chapter 7 bankruptcy may be able to help eliminate your old debt.
This page is designed to help you learn the basics to filing bankruptcy in Virginia and to connect you with a Virginia bankruptcy lawyer.
Complete the above 2-minute form to be connected to a Virginia bankruptcy attorney in your area. Be sure to also check out the below Virginia bankruptcy information.
Virginia Bankruptcy Laws
Chapter 7 bankruptcy is oftentimes referred to as a “liquidation” bankruptcy because it sometimes involves the process of liquidating (converting to cash) some of a debtor’s personal property.
During a Chapter 7 bankruptcy case, a bankruptcy trustee has the option to sell a debtor’s non-exempt possessions to raise money to pay off creditors.
It’s important to know that most Chapter 7 bankruptcy filers get to keep all of their property thanks to state bankruptcy exemption laws.
Virginia Bankruptcy Exemptions
The following items are protected (exempted) from the liquidation sale under Virginia bankruptcy law:
Homestead: A homestead worth up to $5,000 plus an additional $500 for each dependent.
Wages: 75 percent of your weekly earnings.
Vehicle: One motor vehicle worth up to $2,000.
Personal Property:
- Family Bible.
- Wedding and engagement rings.
- Up to $5,000 worth of family portraits and heirlooms.
- Up to $5,000 worth of a burial plot and a pre-need funeral contract.
- Up to $1,000 worth of clothing.
- Up to $5,000 worth of household furnishings.
- All household pets.
- 100 percent of medically prescribed healthy aids.
- Up to $10,000 worth of trade tools.
- Additional agricultural items worth up to $3,000.
Questions? Speak with a Virginia Chapter 7 Bankruptcy Lawyer Today
Many people find bankruptcy exemptions to be confusing – how can you calculate the value of your clothing and heirlooms?
If you’re uncertain how Virginia Chapter 7 bankruptcy exemptions may apply to your case, a Virginia bankruptcy lawyer is a good resource to talk to. A lawyer can figure out the specifics of your case.
If you’re ready to move toward a fresh financial start, it’s time to speak with a Virginia bankruptcy lawyer.
All you need to do is fill out the above free online evaluation form or call us toll free at 877-226-6844.
Make the first move right now and contact us today.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.