Most people who file bankruptcy can keep everything they own. When filing bankruptcy, a Virginia resident is entitled to keep certain property as exempt from the trustee and creditors.  The major Virginia exemptions include: • Up to $5000 in household goods and furnishings. • Up to $1000 in wearing apparel. • Up to $2000 in equity in [...]
exemptions
Your bankruptcy lawyer should ask you how long you have lived in your present state. If you’ve lived there two years or more, we know that your present state’s laws are what we need to look at to know what you are entitled to keep in bankruptcy. But if you’ve lived in your present state [...]
Tax refunds are property of your bankruptcy estate. There are two times of the year this can be especially problematic. During Tax Season During tax refund season–the first four months or so of the year–you may be entitled to a tax refund. If you are getting a refund, you want to be able to keep [...]
Cash and bank accounts (checking, savings, CDs) are property of your bankruptcy estate. You must provide your bankruptcy attorney with exact bank balances as of the date of your bankruptcy filing for all bank accounts. You can obtain this information over the Internet by logging into your account or by calling the bank. Knowing these [...]
I recently read an article on simple things you can do to avoid bankruptcy. This article is probably one of the best examples of why you need to consult an experienced bankruptcy attorney before deciding whether or not to file for bankruptcy. Here are just two of the suggestions: SUGGESTION NO. 1: SELL YOUR BELONGINGS Well, [...]
When filing bankruptcy, a client’s first question often involves whether or not they can keep things they own, like their home, their car, or their 401(k). These questions are important, and the answer to the question is two-fold: 1. Is there a lien against the property? 2. If no lien exists, what Bankruptcy Exemptions are [...]
