Bankruptcy Virginia

When you think about filing for bankruptcy in Virginia, you might be going through any number of things. For example, many individuals file for bankruptcy in Virginia because they aren't able to pay more than the minimum amount on their bills. Other individuals file for bankruptcy because they're facing foreclosure on their mortgage and loans. In addition, you could be filing for bankruptcy in Virginia because you are experiencing economic problems or because you're not able to get out of debt in five years or less. This might be because of divorce problems, the loss of a major source of income, or expensive hospital bills.

No matter your financial situation, there are still a few things that filing for bankruptcy in Virginia won't take care of. The list of things that filing for bankruptcy in VA won't take care of includes child support, alimony, student loans, government fines, government penalties, and money advances that are over 800 dollars. Filing for bankruptcy won't take care of cash advances if they were obtained within 70 days of filing for bankruptcy in VA. There are only two types of bankruptcy that you can file for in the state of Virginia. You may only file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy is one of the most common kinds of bankruptcy. This is because tis a rapid and easy way to get rid of your debt. Of course, you have to go through the procedure of means testing before you file for Chapter 7 bankruptcy. Means testing is a way to make positive that you're eligible for Chapter 7 bankruptcy filing in VA. The courts do this in order to make positive that you're truthful when you say that you cannot pay off your fines. In order to be eligible for Chapter 7 bankruptcy you have to make less than the average income of VA. The average salary of one person for Virginia is $48,362. The average income of two people for VA is $53,763.

After you have filed for Chapter 7 bankruptcy in Virginia, a trustee will be sent to you. The trustee will obtain and sell all of your possessions that are not exempt from the list of items that you can retain as stated by VA law. The list of items that you could keep includes family portraits, your automobile, wedding and engagement rings, wardrobe, and pets.

Chapter 13 bankruptcy is often filed by people who wish to pay off all of their debts within three to five years. This type of bankruptcy permits an individual to restructure their economic situation so that they may pay off their debts. This is often used by people who owe money that can't be covered by Chapter 7 bankruptcy. This might include child support or student loans. You must've a stable source of income and a proposed payment plan before you may file for Chapter 13 bankruptcy in the state of Virginia.