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).

In a Chapter 13 bankruptcy the person files a payment plan with the bankruptcy trustee and agrees to pay all future debts on time while an affordable monthly payment plan allows them to pay back their creditors partially or in full over a three to five-year period. In return, the debtor can keep their property (home, vehicle and other assets) so long as the plan payments are made.

Call Today for a Free Consultation

with a skilled, experienced Boleman Law bankruptcy attorney.

Boleman Law Offices


Call today for a FREE Consultation
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