What assets may I keep when filing Chapter 13 Bankruptcy?

When filing for Chapter 13 Bankruptcy in Virginia, there are certain assets that you can keep. Your home and vehicle are two of the most important assets that you can typically hold onto. The courts will usually allow you to keep any equity built up in your primary home. Additionally, you can keep your vehicle if you are up to date on the payments and it is worth less than a certain amount. You can also keep any retirement funds such as 401(k)s and IRAs, as well as certain tools used for your job. This could include computers, tools, and vehicles. You will also typically be able to keep any tools, furniture, clothes, and household items that you need for basic living. Other assets that are exempt from Chapter 13 Bankruptcy in Virginia include: Alimony or child support, insurance policies, and anything that you receive from Social Security or a pension. You may also be able to keep certain cash or savings that you may have, such as Earned Income Tax Credit. Whatever assets you choose to keep, it is important to remember that debtors are only able to keep the asset if they are up to date on the payments and the equity in the home or vehicles is within the limits set by Virginia law. Furthermore, you should also consult with your bankruptcy attorney to make sure that any asset you wish to keep is allowed to be exempted in Virginia.

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