Virginia bankruptcy laws can be credited for providing a portfolio of reforms.
The eligibility and affordability provided through various provisions can be well brought within the legal framework.
As a matter of fact, Virginia bankruptcy laws is quite unique among rest of the states in some aspects.
Bankruptcy law in Virginia grants exemptions for debtors wherein
the debtor can easily get exemptions in
- cemeteries and burial funds,
- claims for personal injuries and
- crime victim’s compensation as well.
Thus the process of bankruptcy in Virginia is prima facie designed for ensuring comprehensive personal protection and relief.
Bankruptcy process
- Individual debtors filing for bankruptcy within prescribed time period of 6 months
- Bankruptcy act means test, analyzing expenses and incomes to qualify for Chapter 7 or Chapter 13
- Gathering paperwork for itemizing current income sources
- Filing for bankruptcy using Virginia exemptions
- Chapter 13 requirements and submitting proposed repayment plan
- Meeting of creditors and plan confirmation
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