What kind of debt relief is available to married couples filing for bankruptcy?

Married couples filing for bankruptcy in Virginia may be eligible for certain types of debt relief. The first type of relief available is a joint petition for bankruptcy, which allows both members of the couple to include their debts in one single filing. This will help make the process easier, reduce attorney fees, and provide relief from debt collection activities. Another option that may be available to married couples filing for bankruptcy is the ability to exempt assets. Under Virginia law, a married couple filing bankruptcy may be able to exempt some assets such as a primary residence, the majority of their retirement savings, and some vehicles. This helps to protect the assets of the filing couple so they can continue to have some financial freedom after their bankruptcy is discharged. Additionally, married couples filing for bankruptcy may also be able to “cram down” certain secured debt. This process involves reducing the principal balance of an obligation so that the couple can afford to make payments on the debt. This allows the couple to avoid defaulting on the loan and also lowers their monthly payment. Ultimately, there are several forms of debt relief available to married couples filing for bankruptcy in Virginia. With the help of a qualified bankruptcy attorney, those seeking relief from their debts may be able to benefit from joint petitions, asset exemptions, and even the cramming down of secured debt. Doing so can help them gain a fresh start in life, free from the crippling debt that was once a burden.

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What kind of debt relief is available to married couples filing for bankruptcy?

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