Can I keep my home in Chapter 13 Bankruptcy?

Yes, you can keep your home in Chapter 13 Bankruptcy in Virginia. This is because Chapter 13 Bankruptcy allows you to reorganise your debts in such a way that you can pay some of them off while keeping your home and other assets. In this type of bankruptcy, you set up a repayment plan with the court to pay back some or all of your debts over a period of three to five years. When filing for Chapter 13 Bankruptcy in Virginia, you’ll need to provide detailed financial information such as income, expenses, property and assets to the court. The court will use this information to decide how much you can afford to repay through your Chapter 13 repayment plan. This plan must be approved by the court before it can be accepted. Once your payment plan has been accepted, you’ll be required to make payments to a trustee who will distribute the money to your creditors. This process will allow you to keep your home and other assets while gradually paying off your debts. In summary, it is possible for you to keep your home in Chapter 13 Bankruptcy in Virginia. By filing for this type of bankruptcy, you can reorganize your debts in a way that allows you to pay them off while keeping your home and other assets. The court must approve your repayment plan, and you must make regular payments to the trustee responsible for distributing payments to your creditors.

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