.Bankruptcy in Virginia has a wild card that can be used to cover some exemptions. If you have property that is secured by a loan such as a car or home, and your are current on the payments and the equality is covered by your exemptions, you may elect to keep making payments on the loan, and keep the property through bankruptcy. If all equality is not covered by your exemptions, the trustee may elect to liquidate and distribute the proceeds. Generally, in this case you will be entitled to the value of your exemptions in the exemptions of your access, in laymen turn, you will keep your property. The bankruptcy laws also allows joint couples to claim a full set of exemptions each, unless otherwise
noted. When filing bankruptcy in Virginia, you have certain federal exemptions, as well as Virginia state exemptions. For more information on exemptions call a bankruptcy lawyer or a bankruptcy preparer. Visit our new website at http://mdesignersinc.wix.com/justice4alllegal. We are still working on it to bring you more current data.
noted. When filing bankruptcy in Virginia, you have certain federal exemptions, as well as Virginia state exemptions. For more information on exemptions call a bankruptcy lawyer or a bankruptcy preparer. Visit our new website at http://mdesignersinc.wix.com/justice4alllegal. We are still working on it to bring you more current data.