What type of property can I keep after filing for Chapter 7 Bankruptcy?

In Virginia, filing for Chapter 7 Bankruptcy allows you to keep certain kinds of property. This is known as exempt property and it includes some clothing and furniture, households goods, money, and more. One of the most important exemptions for Chapter 7 Bankruptcy is the homestead exemption. This allows you to keep up to $30,000 of your home equity. This means that if you have equity in your home when you file for Chapter 7 Bankruptcy, you can keep up to $30,000 of it. Other exemptions are available for things like tools of the trade, an automobile up to $6,000 in value, pension plans, and wages, which are exempt up to 75%. This means that any wages you have earned in the six-month period prior to filing for Bankruptcy can be kept up to 75%. Bank accounts, life insurance policies, and certain kinds of expensive jewelry also fall under the exempt property category. However, it is important to remember that not all of your property will be exempt. Property that is considered non-exempt will be sold to help pay off creditors. While Chapter 7 Bankruptcy can provide you with much needed financial relief, it is important to make sure you know exactly what kind of property you can keep. Make sure to talk to a qualified lawyer about your specific case so you can understand the best route for you.

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What type of property can I keep after filing for Chapter 7 Bankruptcy?

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