What Can You Keep?
Most people are able to hold on to basic necessities like home, car, and retirement accounts during Chapter 7. But nothing is guaranteed. Virginia has a specific list of property you can exempt from creditors in your bankruptcy. You will need to review these exemptions as they apply to your own situation in detail with your bankruptcy attorney.
What Property Can I Protect with Bankruptcy Exemptions
Virginia state law dictates which assets you can exempt in bankruptcy. These exemptions are not automatic. You have to list the property you’re entitled to exempt on a schedule. If you don’t list it, the trustee can sell it.
Consult with your attorney to see which of these exemptions, or any others you may be able to take:
What Happens to Nonexempt Property?
That depends on the kind of bankruptcy you file.