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Can You Keep Your House and Car in a Virginia Bankruptcy? 🏠🚗 Portsmouth VA

https://www.DebtFreeVA.com | (757) 482-5705

One of the biggest fears people have about filing for bankruptcy is losing their most valuable assets. The good news is, in Virginia, you can often keep your home and car, thanks to state "exemption" laws. These laws protect a certain amount of equity in your property. As of July 2024, Virginia's homestead exemption allows you to protect up to $50,000 in equity in your primary residence ($100,000 for a married couple filing jointly). This means if you have less than that amount of equity, your home is likely safe in a Chapter 7. For those with a car, Virginia also has a vehicle exemption that protects a certain amount of its value. If you’re behind on payments, Chapter 13 bankruptcy is a powerful tool that allows you to catch up over a 3-5 year plan, stopping foreclosure and repossession in its tracks. With the right legal strategy, you can get a fresh start without sacrificing the things you need. 🛡️
For More Information and a FREE Consultation please call (757) 482-5705 or visit us online at https://www.DebtFreeVA.com

Can You Keep Your House and Car in a Virginia Bankruptcy? 🏠🚗 Portsmouth VA

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