Virginia Bankruptcy Lawyers
Get the information you need from a Virginia bankruptcy lawyer.
If you're receiving threatening or harassing phone calls due to past-due bills, foreclosure or repossession, you don't need to put up with it anymore. A personal bankruptcy lawyer can explain how filing bankruptcy may protect you and your family from creditors, wage garnishment and even foreclosure.
Get the information about making the life-changing decision to regain control of your finances.
Just fill out the free case evaluation form below or call 877-833-2410 and we'll connect you with a Virginia bankruptcy attorney who can answer your questions and help you determine whether personal bankruptcy is the right solution for you. Take the first step toward making informed decisions for your financial future right now!
Filing Bankruptcy in Virginia: Chapter 7 vs Chapter 13
Bankruptcy filers in Virginia typically choose between Chapter 7 and Chapter 13, the two most common forms of personal bankruptcy, to help them meet their debt-relief goals. Each form of bankruptcy comes with unique advantages that help in different situations.
Chapter 7 provides quick relief from credit card debt and other unsecured debts that have made finances unmanageable. Chapter 13 bankruptcy provides a court-structured repayment of debts over a few years, and is often used to halt foreclosure.
Chapter 7: Unsecured Debt Relief
Also known as "straight bankruptcy", Chapter 7 bankruptcy is designed to wipe out credit cards, medical debt, payday loans and more, usually in just a few months.
In exchange for forgiveness of unsecured debts, Chapter 7 involves a process called liquidation, in which some assets may be taken by the court and used to repay creditors. However, Virginia laws provide protections, known as exemptions, that allow Chapter 7 filers to keep some of their property. These exemptions typically include:
- Homestead: Real property worth up to $5,000, plus $500 per dependent.
- Automobile: Motor vehicle worth up to $2,000.
- Wages: Up to 75% of earned, unpaid weekly wages.
- Tools of Trade: Up to $10,000 for tools, books, instruments and vehicles used in occupation or education.
- Personal Property: Family heirlooms up to $5,000; clothing to $1,000; household furnishings to $5,000; bible, burial plot, wedding and engagement rings.
- Wildcard: Unused portion of homestead exemption may be applied to personal property.
As a result of these exemptions, many Chapter 7 filers do not have to surrender much or any property, and are able to receive a discharge of their unsecured debts.
Chapter 13: Structured Repayment of Debts
The other common form of personal bankruptcy, Chapter 13 bankruptcy, also know as reorganization, creates a repayment plan through the bankruptcy court. Over the course of three to five years, Chapter 13 filers are given the chance to repay a portion of their debts, including secured debts like mortgages and auto loans, while receiving the protection of the bankruptcy court.
Chapter 13 is often used as a means to prevent home foreclosure or car repossession, as it can halt collection efforts by creditors over the course of the repayment plan, through a court order known as the automatic stay.
Discuss Your Bankruptcy Options with a Virginia Attorney
If you're considering filing bankruptcy and unsure which option might be right for you, you can discuss your case with a local attorney. Simply fill out the case review form on this page to arrange a free, no-obligation initial consultation with a bankruptcy lawyer practicing in your area.
Laws may have changed since our last update. For the latest information
on your state's bankruptcy laws, speak to a local bankruptcy