What Can I Keep in Bankruptcy?
Skilled Virginia Bankruptcy Attorney
It is a common misconception that filing bankruptcy means you hand over all your property. While Chapter 7 bankruptcy does involve the elimination of unsecured debt in exchange for turning over non-exempt possessions, it does not mean that you are left with nothing. In fact most individuals who file keep most, if not all, of their possessions.
My name is Maureen O’Malley. For over 20 years, I have been helping people faced with overwhelming debt find relief in Chapter 7 bankruptcy while retaining as much of their property as possible. Visit my office in Reston, Virginia, to discuss potential property exemptions that apply in your situation.
The decision to file bankruptcy can be a difficult one. However, an overwhelming majority of my clients express great relief after going through the process. It truly gives them a chance to start over.
What is Considered Exempt Property?
Property exemptions exist for the purpose of protecting your family and maintaining a standard of living. Essentially, laws regarding exemptions aim to make it easier for you to make a fresh financial start, not endanger the effort. Most often, property protected in Chapter 7 bankruptcy includes:
- Retirement accounts
- “Tools of the trade”
- Wedding and engagement rings
- Family heirlooms
While bankruptcy eliminates many debts, some payments are not dischargeable. Debts such as child support, alimony, student loans and certain taxes cannot be wiped away in bankruptcy proceedings.
You Will Not Lose Everything
It is possible that in some cases some of your assets could be sold to pay off a portion of your debt, but you will not be left destitute. As your lawyer, I will analyze your debt and determine what property you will be able to keep. Generally, you will know what is exempt before you even file for bankruptcy.
I’m Here to Help
If you are concerned about how foreclosure or repossession could affect your property and life, contact me online or call me locally at 703-483-9639 or toll free at 888-353-2098. Since each case is unique, I will meet with you and discuss your particular situation. My office is conveniently located off Sunrise Valley, between Wiehle and Reston Parkway.
I am required to disclose that I am a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.