Are there any assets that I will be required to sell when filing for bankruptcy?

When filing for bankruptcy in Virginia, there are certain assets that you may be required to sell. Certain debts, such as child support obligations and debts for fines or restitution imposed by a criminal court, are not dischargeable through bankruptcy and will need to be satisfied through the sale of assets. Additionally, secured debts such as a home loan must be paid within a certain period of time or the collateral (such as the house itself) must be sold. Each person filing for bankruptcy in Virginia has a certain amount of property which is exempt from creditors. This means that even if you are required to sell assets to pay your debts, certain assets are not eligible for sale. This usually includes a certain amount of equity in your home, a vehicle, furniture, and other household items, personal items like clothing and jewelry, and certain other items. Though you may be required to sell some assets in order to pay your debts, the bankruptcy process may provide you with some financial relief by allowing you to reduce or eliminate certain debts, such as credit cards and medical bills. Your attorney will be able to provide you with more detailed information about the exemptions, how much exemption you are entitled to, and what assets you may be required to sell if you file for bankruptcy in Virginia.

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Are there any assets that I will be required to sell when filing for bankruptcy?

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