Virginia Bankruptcy Attorney

Virginia Bankruptcy Attorney

A Virginia bankruptcy attorney will tell you if you have an unpayable amount of debt. The bankruptcy laws help you get assistance to make a clean break– a “fresh start” in life, rather than let unpayable debt crush the rest of your lives.

You may not want to admit your situation is dire. Unpayable means no matter how hard you try you are in a hopeless situation. Many don’t want to admit it’s hopeless. Many find it morally or ethically wrong to walk away from debts. The law, however, doesn’t judge you, fault you for your mistakes, or throw you in debtor prison. It gives you another chance.

The first meeting with Virginia bankruptcy attorney will require you to list your assets and liabilities. The attorney will want to know your income, the market value of your house and the amount of the mortgage. The attorney will want to know if you owe taxes, have student loans or owe child support. Bankruptcy discharges some debts, but not taxes, student loans, and child support.

Based on all that financial information, the Virginia bankruptcy attorney will help you determine if bankruptcy is right for you and which kind. The LegalConsumer tells us that there are two types of bankruptcy available to individuals and couples. Chapter 7 allows you to eliminate most unsecured debts in a matter of months in return for giving up all “non-exempt” property — if you have any.

A big fear of bankruptcy is losing the house or the car to get to work. Virginia has exemptions. Assets that are exempt are not available to unsecured creditors. Debts to credit card companies are unsecured.

A Virginia bankruptcy attorney will cover the Virginia bankruptcy law exemptions:

  1. $1,000 of the value of clothing.
  2. $6,000 of the value of an automobile, meaning the equity (profit) in the car.
  3. $5,000 worth of home furniture
  4. Wedding and engagement rings.
  5. Federally-qualified retirement plans, such as 401Ks, and IRAs (up to a maximum of $1,171,650).
  6. $5,000 of value of “tools of the trade.” only if the “tool” is used directly in the specific trade.
  7. $5,000, plus $500 for each dependent, of anything, under the “homestead” exemption.
  8. You can protect property if held in “joint tenancy by the entirety.” Equity in the marital home uses this exemption. If there is equity in the home, you need to be very careful and work closely with your bankruptcy attorney to plan your use of the exemption.

When filing for Chapter 13 bankruptcy in Virginia, bankruptcy exemptions are of less concern the Chapter 13. Chapter 13 takes 3 to 5 years. Instead of giving up property, you repay a portion of your debts and live within a strict budget that is monitored closely by the bankruptcy court trustee. The plan is equivalent to what creditors would have obtained in a liquidation of all of the debtor’s unprotected property

Determining if you should file for bankruptcy and which it should be is best left to a bankruptcy attorney. Only a Virginia bankruptcy attorney is qualified to give you legal advice and by his or her training, knows what is best for your situation.

I am Christian Dunlap and my company,, buys houses all across Hampton Roads, including Virginia Beach, Norfolk, Chesapeake and Portsmouth.

Give me a call today at 757-705-8812, and I will do my best to provide you with the fastest and fairest home selling solution you need.

Christian Dunlap

I am a family man with four kids and one heck of a beautiful wife. For work, I'm one of those, "We buy houses" guys, which basically means I buy houses for cash through out Hampton Roads, fix them up and then resell them. It's a very rewarding career that affords me to the opportunity to meet and help out people from every walk of life.