Greenwood Law Firm serves clients in personal and business bankruptcy and bankruptcy litigation matters in the Alexandria and Richmond Divisions of the U.S. Bankruptcy Court for the Eastern District of Virginia.
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CHAPTER 7 BANKRUPTCY
- Commonly known as a "liquidation" bankruptcy.
- Discharge entered 90 – 100 days after filing.
- A Trustee is appointed over the case to identify and liquidate non-exempt assets.
- 99% of Chapter 7 cases are "no asset" cases - meaning that the Trustee assigned to the case does not take any of your property or possessions.
- What do I get to keep? House? Car? Read more about Virginia exemptions here
- Read even MORE about exemptions here
- Must qualify based on household size and income through a process known as the "Means Test." Read more about Means Testing here
- Read EVEN MORE about Means Testing here