What is the Virginia homestead exemption? The Virginia homestead exemption is a right granted under the Virginia law and can be found in 34- 4 of the Virginia Code Annotated. The exemption provides for $5,000 of protection per person on any asset the person chooses – such as money in bank or tax refunds. In addition, you get another $500 of protection for each dependent 18 or younger. If the filer is over 65 the exemption jumps up to $10,000, and disabled veterans get another $10,000 on top of that.
What Is The Virginia Homestead Exemption?
Virginia code 34-4 was updated on July 1, 2020, to also include a $25,000 home equity exemption for your principal residence in Virginia if the property is in the filer’s name. If filing jointly with your Spouse this jumps to $50,000 of home equity exemption for your principal residence in Virginia if the house is in both names.
Exemptions are used to protect assets from creditors. So if a creditor slaps a garnishment on your bank account, you can protect that money up to the amount available under the homestead exemption from being turned over to the creditor.
Who can use the Virginia Homestead Exemption?
You need to be able to claim Virginia exemptions, which typically means being a resident of the state for at least two years prior to filing your bankruptcy case. If you haven’t been in Virginia for two years, your will need to use your prior state of residence, or perhaps federal exemptions.
What Is The Virginia Homestead Exemption?
For more information on the Virginia Homestead Exemption and other related bankruptcy matters contact Fisher-Sandler for your FREE consultation. We offer phone, in-office and virtual online consultations (you choose). During your consultation, we can answer any questions or concerns you may have when considering filing for bankruptcy in Virginia. After our meeting you will leave with a strategy on how to get the fresh start you deserve. Stop those harassing phone calls and letters today, call Fisher-Sandler “Home Of The $0 Down Bankruptcy” at (703) 967-3315 or (703) 691-1642.
How Can I Rebuild My Credit After Bankruptcy? Call (703) 967-3315 or visit https://fishersandlerlaw.com and ask us about our $0 Down Bankruptcy Program.
Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.
If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy under the U.S. Bankruptcy Code. You can stop harassing calls from creditors today! Get a fresh start with zero down payment for chapter 7 bankruptcy filing at Fisher-Sandler!
Although a bankruptcy stays on your credit reports for up to 10 years, its impact on your score will fade with time. In fact, your credit score after bankruptcy may not be as bad as you think. You may actually have a higher credit score a year after bankruptcy than before filing because you stop fighting an impossible battle and begin rebuilding.
Your credit can take a big hit after bankruptcy—the negative mark can stay on your credit report for ten years. But it’s possible to rebuild your credit with hard work and responsible spending.
With each positive mark on your report, your credit score begins to rise. You’ll be eligible for new credit, loans and mortgages with better rates and terms.
After finishing up bankruptcy, it is important to recognize that time will always be on your side. Even though creditors and lenders may not be too keen to work with you immediately after a bankruptcy, keeping up with on-time payments will make them more inclined to accommodate you.
Amazingly, your credit begins to rebuild immediately after filing a Chapter 7 bankruptcy petition. Credit reporting agencies begin purging negative data almost immediately. Once the credit bureaus remove these items, your score will begin to increase immediately and automatically.
Areas Served: https://fishersandlerlaw.com/areas-we-serve
Prince William County, Woodbridge, Dale City, Lakeridge, Dumfries, Gainesville, Manassas, Bristow, Fairfax County, Fairfax, Burke, Lorton, Springfield, Vienna, Newington, Alexandria, Arlington, Ashburn, Reston, Fairfax Station, Stafford, Fredericksburg, Richmond, Henrico County, Spotsylvania County, Loudoun County, Warrenton
Chapter 7 vs Chapter 13 Which Should I File? Call (703) 967-3315 or visit https://fishersandlerlaw.com and ask about our $0 Down Bankruptcy Program today.
Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.
If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy. You can stop harassing calls from creditors today! Get a fresh start with zero down payment for chapter 7 bankruptcy filing at Fisher-Sandler!
Chapter 7 vs Chapter 13 Which Should I File?
Chapter 7 bankruptcy, also known as a liquidation, is a legal option that can help you clear some or all of your debt. But it will also mean having to surrender assets, like property or cash, to do so. Chapter 13 bankruptcy is also a legal option that can help you get some debt discharged, but allows you to keep your property and repay your debt by completing a three- to five-year repayment plan.
Should I File Chapter 7?
Chapter 7 is an option to consider if you have little to no disposable income. In fact, you’ll have to pass a means test to prove that you can’t afford to pay your debt in order to file.
Should I file Chapter 13?
Chapter 13 is a bankruptcy option to look at if you own property that you want to keep.
Chapter 7 bankruptcy isn’t the best choice for everyone. Chapter 7 won’t help people whose debts won’t get wiped out (discharged), like certain income tax debt, student loans, and domestic support obligations. High-income filers find it hard to qualify. It’s also not a good fit for people who would lose substantial equity in a home or other property if they filed for Chapter 7 bankruptcy, or those facing foreclosure or repossession. For those individuals, Chapter 13 bankruptcy would likely be a better choice.
Chapter 7 vs Chapter 13
Each one has its advantages and disadvantages, so that for many people, Chapter 7 bankruptcy is a much better option, For others, Chapter 13 would be their recommended course of action. Even if you have your mind set on one or the other, it’s important to discuss both alternatives with your bankruptcy attorney in case there are significant advantages or disadvantages you didn’t know about.
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
Conclusion
Generally, Chapter 7 is more appropriate for simple cases while Chapter 13 for more complicated bankruptcies. Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets. However, if you do not have those kinds of debt or assets, or not much in terms of tangible assets, then Chapter 7 would likely be the faster and easier option.
Areas Served: https://fishersandlerlaw.com/areas-we-serve
Prince William County, Woodbridge, Dale City, Lakeridge, Dumfries, Gainesville, Manassas, Bristow, Fairfax County, Fairfax, Burke, Lorton, Springfield, Vienna, Newington, Alexandria, Arlington, Ashburn, Reston, Fairfax Station, Stafford, Fredericksburg, Richmond, Henrico County, Spotsylvania County, Loudoun County, Warrenton
Will I Qualify For Chapter 7 Bankruptcy? Call (703) 967-3315 or visit https://fishersandlerlaw.com and ask about our $0 Down Bankruptcy Program today.
Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.
If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy. You can stop harassing calls from creditors today! Get a fresh start with zero down payment for chapter 7 bankruptcy filing at Fisher-Sandler!
Bankruptcy debtors must pass a Chapter 7 “means test” to qualify for Chapter 7 bankruptcy. To pass the means test, you must have little or no disposable income. The means test compares your average monthly income for the six months preceding your bankruptcy against the median income of a similar household in our state. If your income is below the median, you automatically qualify.
Will I Qualify For Chapter 7 Bankruptcy?
The median income figures vary from state to state. In most cases, people who are having financial difficulties are making little or no income qualify, so the means test does not pose a problem.
If you’re struggling with debt, you may consider filing Chapter 7 bankruptcy to wipe the slate clean and start over with no outstanding debts. Chapter 7 bankruptcy is a type of bankruptcy in which certain property is sold and used to repay all or some of your debts. If you don’t have property that can be resold, many of your debts will be discharged, or cancelled, at the end of the bankruptcy case
For those who are struggling financially, consumer bankruptcy may be something to consider. Filing for Chapter 7 bankruptcy may provide a clean slate and a strategy to move forward to regain your fiscal freedom. However, in order to qualify for filing, you must pass something called the “means test,” which is a basic assessment of your debt and income. Many people of modest means will be able to file Chapter 7.
Will I Qualify For Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is essentially a liquidation of your debts and assets. It will eliminate all unsecured debts, such as medical bills, credit card debt, and loans. In order to eliminate this debt, however, some of your assets will need to be liquidated and sold. While this may be a scary concept for many, it can be a great solution for those individuals with large credit card debt but very few assets. You can even choose to keep some of your property secure and protected, such as part of your home, your clothing, or automobiles. Certain debt, however, cannot be relieved under Arkansas law, such as alimony, child support, or student loans.
Chapter 7 bankruptcy provides relief from debt by wiping out most unsecured debt and giving the debtor a fresh start. But not everyone qualifies for Chapter 7 bankruptcy. To prevent consumers from abusing the system, filers must meet eligibility requirements before receiving a debt discharge in a Chapter 7 case.
If you filed a previous Chapter 7 petition and received a discharge, you must wait eight years from the filing date of the prior bankruptcy before filing another one. If you filed a previous Chapter 7 case but didn’t complete it and didn’t receive a discharge, you can file a new Chapter 7 at any time, provided the court in the previous case didn’t bar you from filing again (and you otherwise qualify for Chapter 7).
If you previously filed and received a discharge in a Chapter 13 bankruptcy case, you must wait six years from the date you filed the Chapter 13 before filing for Chapter 7. If you did not complete or receive a discharge in the previous Chapter 13 case, you can file a Chapter 7 case at any time assuming you otherwise qualified for Chapter 7.
Will I Qualify For Chapter 7 Bankruptcy in Virginia?
The bankruptcy “means test” determines whether your income is low enough for you to file for Chapter 7 bankruptcy. It’s a formula designed to keep high wage earners from filing for Chapter 7 bankruptcy. High-income filers who fail the means test can use Chapter 13 bankruptcy to repay a portion of their debts, but won’t be able to use Chapter 7 bankruptcy to wipe out their debts altogether.
However, having to take the Chapter 7 means test doesn’t mean that you must be penniless to use Chapter 7 bankruptcy. You can earn significant monthly income and still qualify for Chapter 7 bankruptcy if you have a lot of expenses, such as a high mortgage and car loan payments (although they must be reasonable), taxes, and other expenses. Read on to determine if you can pass the means test and file for Chapter 7 bankruptcy.
To file for bankruptcy, you must meet a number of requirements that can vary based on the type of bankruptcy you’re pursuing. For example, bankruptcy filers need to complete credit counseling and meet certain income guidelines before being able to move forward with the process.
The two common types of individual bankruptcies are Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves wiping out various unsecured debts, such as credit card bills, within several months. Chapter 13 bankruptcy has you repay your debts over a three- to five-year period. If you’re looking into Chapter 7 or Chapter 13 bankruptcy, here’s what you need to know about the requirements.
Will I Qualify For Chapter 7 Bankruptcy?
Will I qualify for chapter 7 bankruptcy? is a question we get asked a lot at Fisher-Sandler. The answer really depends on what type of income and assets you have at the time of filing. Most of our clients easily qualify for chapter 7 bankruptcy. We can find out where you stand by taking the “means test” which helps determine what type of bankruptcy you will qualify for.
If you’re in debt, you might be wondering if you qualify for chapter 7 bankruptcy. The short answer is that it depends on your income and what type of debts you have. If this sounds like something that may apply to your situation, consider calling a qualified attorney with Fisher-Sandler today at (703) 967-3315 or visiting their website: https://www.fishersandlerlaw.com/ for a FREE consultation.
To find out if you qualify for chapter 7 bankruptcy go ahead and give our office a call or visit our website to schedule your FREE consultation. We offer phone, virtual and in-office appointments, you let us know what makes you most comfortable. Once we take a look at your finances we can help you determine if filing for bankruptcy is the right option for you.
If you are in debt, have tried to negotiate with your creditors but still can’t keep up with the payments, and believe you have no other options than bankruptcy then this blog post is for you.
We will explore what bankruptcy is and how it works so that you can decide if chapter 7 bankruptcy or a different type of bankruptcy would be better for your situation. We will also talk about whether you qualify for chapter 7 and how much filing fees will cost as well as the benefits of having a law firm like Fisher-Sandler help guide you through the process.
Fisher-Sandler 