Virginia Western District Bankruptcy Guide and Forms Package for Chapters 7 or 13

If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicleas long as you're current on your loan payments.They may also give you the option to pay off the equity at a discount in order to keep the car.

Collect Your Virginia Bankruptcy Documents. Take Credit Counseling. Complete the Bankruptcy Forms. Get Your Filing Fee. Print Your Bankruptcy Forms. Go to Court to File Your Forms. Mail Documents to Your Trustee. Take Bankruptcy Course 2.

Virginia allows single people to file Chapter 7 and keep your house only if you have very little equity. Virginia does provide much better protection for married couples who own a house.

When you reaffirm your debt to keep the car, you continue making payments on it, remaining liable on the debt. These loan payments will continue through and after the bankruptcy process until it is paid off. This allows you to keep your vehicle as you go through Chapter 7 bankruptcy in Virginia.

Redeem the car. Pay the market value of the car to the lender in one lump sum. Reaffirm the car loan. Sign a new loan that will remain in force after the bankruptcy is over and make up the payments in the new agreement.

For Chapter 7 bankruptcy filings, you must wait eight years from the filing date of your previous petition. Filing prematurely before those eight years have expired, you will not be granted a discharge. The eight years start counting from the date the prior Chapter 7 bankruptcy was filed.

If you filed a prior case and received a discharge of your debts, you can only file a second Chapter 7 bankruptcy case eight years after you filed the first case.

Motor vehicles, up to a certain value. Reasonably necessary clothing. Reasonably necessary household goods and furnishings. Household appliances. Jewelry, up to a certain value. Pensions. Tools of the debtor's trade or profession, up to a certain value.