FAQs

Assets and savings: Can I keep them in bankruptcy?

In a Chapter 7 bankruptcy the person turns over all of their non-exempt assets or property (vehicle, house, savings, for example) to a bankruptcy trustee who liquidates it and distributes the proceeds to the unsecured creditors such as credit card companies, medical bills or loans. People can usually keep most of their personal property (jewelry, tools, clothing, for example).

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Bankruptcy process & timing

The Chapter 7 bankruptcy process normally takes about six months.

The Chapter 13 bankruptcy process can extend to 60 months as planned payments are made to creditors under the bankruptcy plan.

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Bankruptcy “chapters”

There are two options under the Federal Bankruptcy code for filing personal bankruptcy in Virginia: Chapter 7 or Chapter 13. 

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Bankruptcy attorney

An attorney/lawyer admitted to the Federal Bankruptcy Court. Boleman Law is the largest bankruptcy law firm in Virginia. Boleman Law attorneys offer clients the benefit of experience and skill because they file more bankruptcies than any other firm.

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Bankruptcy specialist

A skilled Boleman Law attorney who has had specialized training and experience in the complex bankruptcy process. Boleman Law attorneys file more Chapter 13 bankruptcies and have a higher success rate than any other law firm in Virginia. 

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Chapter 13 bankruptcy

This option may be more appropriate to people who have regular income. A Chapter 13 filing immediately “stays” or stops any creditor action such as garnishment, foreclosure, repossession, seizure and attempts at collection including phone calls and letters.

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Chapter 7 bankruptcy

Sometimes known as a “complete” or “straight” bankruptcy, Chapter 7 bankruptcy means that the person turns over all of their non-exempt assets or property (vehicle, house, savings, for example) to a bankruptcy trustee who liquidates it and distributes the proceeds to the unsecured creditors such as credit card companies, medical bills or loans. People can usually keep most of their personal property (jewelry, tools, clothing, for example).

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Child support/Alimony: What happens to them in bankruptcy?

Child support and alimony are usually may not be discharged in bankruptcy. In other words, they are not covered by bankruptcy and the person filing will still have to pay them including any arrears.

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Cost of bankruptcy

Bankruptcy costs are set by the court so most attorneys charge about the same.

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Debtor certification

Your bankruptcy discharge will be denied if you fail to complete a Debtor's Education Course, and obtain a Pre-Discharge Education certificate.

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Documents we will need

Thank you for your interest in Boleman Law Firm. We are honored to meet with you to determine what options are available and what we can do to help.

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Fines: Do I still have to pay them in bankruptcy?

Yes. Lawfully issued fines may not be discharged in bankruptcy – they will still be owed.

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Foreclosure: Can bankruptcy stop it?

Yes. In Virginia bankruptcy is the only certain way to stop a foreclosure. The foreclosure is stopped immediately when the bankruptcy is filed. During your free consultation with a Boleman Law attorney the differences on how a Chapter 7 and a Chapter 13 bankruptcy affects foreclosure will be fully explained.

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Home: Can I keep my home in bankruptcy?

A Chapter 13 bankruptcy usually allows you to keep your home. A Chapter 7 bankruptcy usually will not allow you to keep your home. During your free consultation with a Boleman Law attorney the differences on how a Chapter 7 and a Chapter 13 bankruptcy affects keeping your home will be fully explained. 

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Income & assets: Do I have to declare all income and assets to the bankruptcy court?

Yes. Full disclosure of all income and assets is required. Failure to do so may result in fraud charges.

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Mortgage: Can bankruptcy help me save my house?

In Virginia a bankruptcy filing immediately stops a foreclosure. A Chapter 13 bankruptcy filing payment plan allows you up to 60 months to catch up on mortgage arrears while keeping the mortgage payments current in the future. A Chapter 7 bankruptcy filing will stop foreclosure for a few months, giving you time to locate new accommodation and move in an orderly fashion. During your free consultation with a Boleman Law attorney the differences on how a Chapter 7 and a Chapter 13 bankruptcy affects keeping your home will be fully explained.

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Second mortgage: Can bankruptcy eliminate the debt?

A second mortgage may be eliminated in bankruptcy when certain conditions are met. During your free consultation with a Boleman Law attorney the conditions will be fully explained.

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Security clearance: Will bankruptcy affect my government security clearance?

The adjudicating agency (usually the military or a government department) has the final say and there is an appeal process. If you have been completely truthful in the interviews and the bankruptcy was filed to mitigate a financial situation not under your control (overwhelming medical bills, for example), your security clearance may not be affected.

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Student loans: Can bankruptcy eliminate the debt?

No. At this time student loans may not be discharged in bankruptcy. There are some instances where bankruptcy may discharge other debts, allowing funds to be used to pay the student loan. During your free consultation with a Boleman Law attorney your legal options will be fully explained.

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Taxes: Do I have to pay back taxes if I’m in bankruptcy?

Federal and state taxes may not be discharged in bankruptcy. However there are options which may allow taxes to be reduced or forgiven. During your free consultation with a Boleman Law attorney these options will be fully explained.

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Vehicle repossession: Can bankruptcy stop it?

Bankruptcy may stop vehicle repossession and can sometimes get the vehicle unlocked or returned even if it has been already repossessed. During your free consultation with a Boleman Law attorney these options will be fully explained.

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Vehicle: Can I keep my car or truck in bankruptcy?

A Chapter 13 bankruptcy may allow you to keep your vehicle, giving you up to 60 months to catch up on arrears so long as you keep payments current going forward. In a Chapter 7 bankruptcy you usually cannot keep your vehicle. During your free consultation with a Boleman Law attorney these options will be fully explained.

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Boleman Law Offices


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Richmond

Interstate Center
2104 W Laburnum Ave, Suite 201
Richmond, VA 23227
804.355.2057
Fax: 804.358.8704

Virginia Beach

Convergence Center III
272 Bendix Road, Suite 330
Virginia Beach, VA 23452
757.313.3000
Fax: 804.358.8704

Hampton

2 Eaton Street, Suite 106
(Corner of Settlers Landing)
Hampton, VA 23669
757.825.5577
Fax: 804.358.8704

VPLC
Martindale-Hubbell
American Bankruptcy
Tidewater Bankruptcy Bar Association