Virginia Asset Protection Attorneys
Experienced Lawyers Protecting Assets Through Bankruptcy
Mounting debt can create a constant worry about losing the things you’ve worked so hard to build. The fear of losing your home or car can feel overwhelming. At Boleman Law Firm, P.C., we understand your concerns because we’ve helped over 140,000 Virginians navigate these types of difficult financial circumstances.
It's a common misconception that filing for bankruptcy means you will lose everything you own. In reality, it can be a powerful tool to protect your most valuable assets from creditors.
If you are at risk of foreclosure or repossession, don’t wait to discuss your situation with our experienced bankruptcy attorneys. We can carefully evaluate your financial circumstances, answer your questions, and review your options. If you choose to file for bankruptcy, we can provide comprehensive and solutions-driven support throughout each stage of the legal process. Our goal is to help you get a fresh financial start and protect the assets most important to you.
The sooner you get in touch, the better. Call (804) 396-2005 or contact us online to schedule a free, no-obligation consultation with our Virginia asset protection lawyers. We can meet with you virtually.
How Can Bankruptcy Help Me Keep My House?
Filing for bankruptcy can help you keep your home if you’ve fallen behind on mortgage payments and are now facing foreclosure. The most immediate protection comes from the automatic stay, which is an immediate legal injunction that takes effect the moment you file your bankruptcy petition. Once the automatic stay is in place, creditors, including your mortgage lender, must immediately cease all collection activities. This means they cannot call you, send you letters, or, most importantly, proceed with a foreclosure sale.
The automatic stay gives you breathing room, but it is temporary. You will need to catch up on your payments to avoid a foreclosure down the line.
Chapter 13 bankruptcy is frequently the best option if you want to keep your home. This type of bankruptcy involves a repayment plan that lasts for three to five years.We can help you propose a plan that reorganizes your debt and allows you to catch up on your missed mortgage payments over time.In this process, you will continue to make your regular monthly mortgage payments while also paying a portion of the arrears each month as part of your repayment plan. This strategy can halt a foreclosure and give you a manageable path to reinstate your mortgage.
Once you’ve made all plan payments, the court will generally discharge all remaining unsecured debts, including credit card debt and medical bills. This can give you significantly more financial flexibility and the resources you need to stay on top of your mortgage moving forward.
While Chapter 7 bankruptcy tends to be a more direct way to eliminate unsecured debt, it presents a different set of challenges if you want to keep your home. In a Chapter 7 bankruptcy, a trustee sells your non-exempt assets to pay off your creditors. However, Virginia law provides for certain exemptions that protect some of your property from the trustee.
You can use Virginia’s homestead exemption to protect your home's equity. If the equity in your home falls within the exemption limit, we can often protect it. However, a Chapter 7 filing does not include a repayment plan for your mortgage. You must be current on your payments or have an agreement with your lender to become current immediately after filing. If you have significant equity that exceeds the exemption amount or if you are behind on your mortgage payments, a Chapter 7 filing may not be the right solution for you if you want to keep your home.
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"I am beyond thankful!"
The professionalism, empathy respect and guidance that I received at the Boleman law office was an unforgettable experience that uplift my journey.
- Monica B. -
"Boleman law firm has been the best law firm in Virginia."They helped me and my wife so much I could never repay them for the help they did for us and they were very kind and helpful and always took my calls and always made sure I was doing my part and they never ever let us down they saved our home our automobiles and that was our life as I said they were like family the way they treated us and did so much for us and the price they charged us was so cheap and they never let us down. To us there is no other law firm that is like family.- David R.
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"I highly recommend Boleman Law firm if you are considering bankruptcy."Boleman Law Firm possesses some great lawyers. I had some fears about filing for bankruptcy but their staff walked me through the entire process. I was treated with respect and compassion. It’s not easy deciding to file for bankruptcy but Boleman made the process easy and relatively straightforward.- Robert M.
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"Guided us to a successful outcome."
We had a great experience . Their team is amazing. Very professional while being considerate of 2 older folks with special needs.
- Tom G.
How Can Bankruptcy Help Me Keep My Car?
The automatic stay that comes with filing for Chapter 7 or Chapter 13 bankruptcy can also temporarily halt repossession efforts. Again, though, the automatic stay is temporary, and you must use the valuable time this injunction provides to pursue a long-term strategy for keeping your car.
Chapter 13 bankruptcy can be an especially effective tool for protecting your vehicle. If you are behind on your car payments, we can include the past-due amount in your three- to five-year repayment plan. You will then make your regular monthly payments going forward while also paying off the arrears over the life of the plan. As long as you comply with your court-approved plan, your lender cannot repossess your vehicle.
Another significant benefit of Chapter 13 is the potential to reduce your loan balance through a "cramdown." A cramdown is a legal process that allows us to lower the principal balance of your car loan to the vehicle's current market value, which is particularly helpful if you owe more on the car than it's worth. We can determine whether you are eligible for a cramdown, which can significantly reduce your financial burden and make your car payments much more manageable.
No matter your financial circumstances, our team at Boleman Law Firm, P.C. wants to help. Take the first step to protecting your most important assets by calling (804) 396-2005 or contacting us online.
