it’s always ideal to hire a Virginia bankruptcy attorney to under the details and what properties you can protect under Bankruptcy filing in Virginia. You can protect your family bible, family.
If you file for chapter 7 bankruptcy, the bankruptcy trustee will sell your nonexempt assets and distribute the proceeds to creditors. Luckily, bankruptcy law protects some of your property from the reach of the creditor through "exemptions." If your equity in property is exempt, the trustee cannot take it.
If you file for Chapter 7 bankruptcy, you will get to keep your car because the exemption will protect the equity fully. In the same example, if your car is worth $15,000, the bankruptcy trustee will likely sell your car, pay you $5,000 for the exemption, and pay the rest to your unsecured creditors.
The purpose of bankruptcy isn’t to strip you of all of your belongings-it’s to give you a fresh start. In addition to protecting the basics, you’ll likely be able to protect other things, too, like religious texts, a seat in a house of worship, or a burial plot.
As part of that deal, the company would file for Chapter. make contributions to the bankruptcy estate. “They aren’t going to leave the bankruptcy unscathed,” she said. At the same time, they can.
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Filing for bankruptcy is a legal process that either reduces, restructures or eliminates your debts. Filing bankruptcy with a court is the first step. You can file on your own or you can file with an attorney. Bankruptcy costs include attorney fees and filing fees. If you file on your own, you will still be responsible for filing fees.
Filing for Bankruptcy: What Can You Protect? January 24, 2011 / Uncategorized / By Tom Lofton With 1.6 million Americans expected to file for Bankruptcy this year, we know that at least these 1.6 million and very likely many more researching the bankruptcy option have been asking the same basic.
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Transfer of assets. You risk the property more when you take it out of your name. For example, in most cases, I can easily protect a car that is paid in full when the vehicle is still registered in my client’s name. However, if my client transferred the vehicle to a friend, family member or even complete stranger before filing bankruptcy,