Bankruptcy Blog
Can I Keep My House If I File Bankruptcy in Virginia?
Quick Answer Yes, in most cases. Virginia’s homestead exemption (Va. Code § 34-4) protects equity in your primary residence up to the amount established by that section. In Chapter 7, you must be current on your mortgage. In Chapter 13, you can be behind on...
What Debts Cannot Be Discharged in Virginia Bankruptcy?
Quick Answer Most unsecured debts — credit cards, medical bills, personal loans, payday loans — can be discharged in bankruptcy. Debts that survive bankruptcy include child support, alimony, most student loans, recent income taxes, criminal fines, and debts...
How Long Does Bankruptcy Take in Virginia?
Quick Answer Chapter 7 bankruptcy typically takes four to six months from filing to discharge. Chapter 13 takes three to five years to complete the repayment plan, after which the discharge is entered. Both chapters stop collection activity immediately when the...
Can I Keep My Car If I File Bankruptcy in Virginia?
Quick Answer Yes, in most cases. Virginia bankruptcy exemption law (Va. Code § 34-26(8)) protects a motor vehicle up to the amount set under that section. If your equity is within the exemption, you keep your car. In Chapter 13, you can also reduce an...
How Does Bankruptcy Affect Your Credit in Virginia?
Quick Answer Bankruptcy does negatively affect your credit score in the short term. A Chapter 7 filing remains on your credit report for up to ten years; Chapter 13 for up to seven years. However, most Virginia clients begin rebuilding credit within twelve to...
What Is Bankruptcy? A Plain-English Guide for Virginia Residents
Quick Answer Bankruptcy is a federal legal process that lets people and businesses who cannot repay their debts get relief under court protection. For individuals, it either eliminates most debt permanently (Chapter 7) or restructures it into an affordable...