Bankruptcy Blog
What Happens at the 341 Meeting of Creditors in Virginia?
Quick Answer The 341 Meeting is a short, required hearing — typically 5–15 minutes — where the bankruptcy trustee asks you basic questions about your petition under oath. In the Eastern District of Virginia, it is conducted by phone or Zoom for most consumer cases....
What Is a Bankruptcy Discharge?
Quick Answer A bankruptcy discharge is a federal court order that permanently eliminates your legal obligation to repay certain debts. Once discharged, creditors are permanently prohibited from taking any collection action on those debts. It is the legal fresh start...
Can I Buy a House After Bankruptcy in Virginia?
Quick Answer Yes. FHA loans are available as soon as 2 years after Chapter 7 discharge. VA loans also at 2 years. Conventional Fannie/Freddie loans at 4 years. Chapter 13 filers may qualify for FHA as early as 1 year into an active plan. Many Merna Law clients are...
Can I Buy a Car After Bankruptcy in Virginia?
Quick Answer Yes — many Virginia bankruptcy filers purchase a vehicle within months of their discharge. Auto lenders who specialize in post-bankruptcy borrowers are widely available. The rates will be higher at first, but refinancing becomes an option as your credit...
Can I Get a Credit Card After Bankruptcy in Virginia?
Quick Answer Yes — and you should. Getting a secured credit card immediately after your bankruptcy discharge is the single fastest way to begin rebuilding your credit. Many Virginia filers are approved for a secured card within days of their Chapter 7 discharge. By...
How Long Does Bankruptcy Stay on Your Credit Report?
Quick Answer Chapter 7 bankruptcy stays on your credit report for 10 years from the filing date. Chapter 13 stays for 7 years. These are the legal maximums under the Fair Credit Reporting Act. The negative impact on your score decreases significantly after year 1–2,...