Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in Virginia. This is referred to as exempt property, which includes basic personal items such as clothing, furniture, and a car up to a certain value. In addition to this, you can also keep some of your assets and property that are exempt from liquidation if you file for bankruptcy in Virginia. This includes money in an IRA or 401(k), certain insurance policies, certain death benefits, and most public benefits such as Social Security, welfare, unemployment compensation, and aid to disabled veterans. In addition to these exemptions, Virginia has also instituted a homestead exemption, which allows you to keep your home and a certain amount of equity when filing for bankruptcy. This exemption allows individuals to keep up to $5,000 of equity in their property, or up to $10,000 if the debtor is married and filing jointly with their spouse. Finally, some types of secured debt, such as a car loan, can often be refinanced or restructured in a bankruptcy case. This allows you to keep the property, but allows you to make a more manageable payment plan and lower your interest rates. Overall, it is possible to keep certain types of property when filing for bankruptcy in Virginia. Taking the time to fully understand the types of property you can keep can help you keep more assets during the bankruptcy process.

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Can I keep certain types of property when filing for bankruptcy?

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