VA Bankruptcy Lawyers -
Virginia Bankruptcy Attorneys
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Virginia Bankruptcy Laws
Many people in Virginia are feeling the effects of the economy and are struggling with debts and unpaid bills. If your debts are starting to wear you down it may be time to consider how the bankruptcy laws can help you. Virginia bankruptcy laws are written so unfortunate debtors who have fallen into debt can have a chance for a second start to their financial life.
In Virginia you may file either chapter 7 or chapter 13 bankruptcy.
Chapter 13 is a reorganization bankruptcy that allows people to reorganize their debts into a more manageable debt repayment plan, while also receiving full protection from the bankruptcy court. Chapter 13 is intended for debtors with more income and more assets, and is sometimes called a "wage earners'" insolvency because the debtor must have the wages to pay into their debt repayment plan and pay their monthly expenses.
Chapter 7 is a liquidation bankruptcy which allows debtors to receive a full discharge of their eligible debts. Debtors filing chapter 7 must turn over any of their non-exempt property for liquidation. Your bankruptcy attorney can help you determine which property of yours is protected by the exemptions and what property is not.