Do I have to list all of my debts when filing for Chapter 7 Bankruptcy?

Yes, when you file for Chapter 7 Bankruptcy in Virginia, you are required to list all of your debts. This includes not just debts to credit cards and loans, but also any back taxes owed, child support owed, and other debts you may have. The bankruptcy trustee will review your list of debts to make sure all of the debts have been disclosed. In addition, you will need to disclose all of your assets, including any real estate you own, bank accounts, retirement accounts, and vehicles. This is important so that the trustee knows if there are any assets that can be sold to pay off your creditors. When you fill out the forms to file Chapter 7 Bankruptcy, you will also need to include information about your income and expenses. This information is important so that the trustee can determine if you qualify for bankruptcy and how much money you may be able to repay your creditors. Finally, it is important to note that you must attend a creditor’s meeting and a hearing to complete your bankruptcy process. During the creditor’s meeting, the trustee and creditors will ask you questions about your debts and determine if the bankruptcy should be granted. At the hearing, the judge will review your documents and make a decision about your bankruptcy case. Overall, filing for Chapter 7 Bankruptcy requires a significant amount of paperwork and disclosure, but it is important to ensure that all of your debts and assets are accurately listed. This will help the trustee, creditors, and judge make an informed decision about your case.

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