Is there any way to keep my assets after filing for Chapter 7 Bankruptcy?

Yes, it is possible to keep some of your assets after filing for Chapter 7 Bankruptcy in Virginia. Under the Bankruptcy Code, certain assets are exempt from the bankruptcy estate, meaning that debtors are able to retain them even if they file for bankruptcy. Virginia has adopted the state exemption laws, which list specific exemptions that are available to debtors filing for Chapter 7. These exempt property items typically include homesteads, motor vehicles, clothing, basic household furniture, and tools or items needed for employment. Additionally, the law permits individuals to claim a wild card exemption, which allows debtors to claim a specific dollar amount on certain property of their choosing. In addition to the state exemptions, debtors filing for Chapter 7 Bankruptcy may be able to utilize the Federal Exemptions. This will depend on whether the debtor opts to use the local exemption or the federal exemptions. The federal exemptions offer more liberal terms and cover items such as retirement accounts and tax refunds. It is important to note that a debtor can only select one set of exemptions when filing for Chapter 7 Bankruptcy in Virginia. Depending on the information a debtor provides in the bankruptcy petition, the court will determine which exemption applies. If the debtor has both exempt and non-exempt assets after filing for bankruptcy, the non-exempt assets will become property of the bankruptcy estate and will be distributed to creditors.

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Is there any way to keep my assets after filing for Chapter 7 Bankruptcy?

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