Can I keep my home when filing for bankruptcy?

Yes, it is possible to keep your home when filing for bankruptcy in Virginia. Under the laws of Virginia, you are allowed to keep a certain amount of assets when filing for bankruptcy, including your home. This is known as the “homestead exemption”. The amount of assets you can keep and the specifics of the homestead exemption depend on what chapter of bankruptcy you are filing under; Chapter 7 or Chapter 13. If you are filing for Chapter 7 bankruptcy, the homestead exemption in Virginia allows you to keep up to $5,000, plus any unused portion of the federal exemptions, in equity in your home. This means that, as long as your home is worth no more than $5,000 plus the unused portion of the federal exemption, you can keep it. Any value above that is subject to the bankruptcy trustee so they can pay your creditors. If you are filing for Chapter 13 bankruptcy, the homestead exemption in Virginia allows you to keep any amount of equity in your home as long as you are able to keep up with your repayment plan. This means that even if your home is worth more than $5,000 plus the unused portion of the federal exemption, you can still keep it as long as you pay enough to your creditors so they can be made whole. Therefore, it is possible to keep your home when filing for bankruptcy in Virginia, depending on your specific situation and the chapter of bankruptcy you are filing under. It is best to consult with a lawyer for more information about the homestead exemption and your specific circumstances.

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Can I keep my home when filing for bankruptcy?

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