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Filing Bankruptcy In Virginia

File bankruptcy under Virginia bankruptcy laws and control your mounting debts

It’s required to make a complete inventory of your assets before you consider filing for bankruptcy in Virginia. It’s important to do so because under the Washington bankruptcy law, a debtor can file for Washington Chapter 7 bankruptcy or opt for Washington Chapter 13 bankruptcy, depending upon the nature of the debt and the status of current assets. Washington bankruptcy filings offer several alternatives, and so it’s recommended you seek professional help from a reputed Washington bankruptcy attorney before you initiate your bankruptcy proceedings. Getting legal counsel can make a great difference while availing the benefits offered by the bankruptcy court.

State exemptions in Virginia

Federal bankruptcy exemptions not available in Virginia.

Homestead

Up to $5000 in addition to $500 for every dependent. Rents and profits as well as sales proceed exempted up to $5000 (husband and wife can double). Any unused portion of any homestead may be applicable for any personal property. Can also include a mobile home. One has to file for homestead declaration in the court before bankruptcy filing.

Wages

A minimum of 75% of the total weekly disposable earnings, or alternately 40 times of the federal minimum hourly wages (whichever is more). The bankruptcy judge can authorize for greater exemption amount for low-income debtors.

Wild card

Any unused portion of the homestead, or any personal property. Up to $2000 for any property owned by disabled veterans (you have to be a householder).

Automobiles

Motor vehicles up to $2,000 (Additional $10,000 for occupation or education if needed).

Misc.

Property registered as a business partnership.

Virginia bankruptcy lawyer

If the value of your current assets is more than that covered by the bankruptcy exemptions, it does not make sense to file for bankruptcy. So it’s important to have your assets valued by a government-approved valuer. Virginia bankruptcy attorneys are conversant about the valuation process and can help you find a reliable valuer. Moreover, Virginia bankruptcy lawyers can arbitrate your case in the bankruptcy court, and make sure you benefit from the exemptions offered by the bankruptcy process. So contact your local bankruptcy attorney toady.

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