In a Chapter 7 Bankruptcy, all joint accounts may be at risk of turn over by the trustee. However, the bankruptcy code and Virginia debtor/creditor laws may provide certain exemptions to protect the rights of joint owners who are not the subject of bankruptcy.
Underwater On Your Home: Bankruptcy May Be an Option
Filing Chapter 13 Bankruptcy may not necessarily be the ideal solution for those whose home values are less than their mortgage (underwater mortgages) since bankruptcy courts do not have the authority to modify the mortgage terms. However, a Chapter 13 can help borrowers catch up on payments without interest. In addition, if you have more than one mortgage, you may be able to remove the later mortgage lien.
When Can I File Bankruptcy Again?
While most people only file bankruptcy once in their lifetime, the law does allow individuals to file more than once. There are different rules for refiling Chapter 7 and Chapter 13 bankruptcy in Virginia, depending on the circumstance of each individual.
Beware of Mortgage Modification Scams
There are many unethical companies advertising loan modification services, sometimes as "foreclosure rescue" or "mortgage relief". Unfortunately, many of these companies take advantage of debtors. An experienced Virginia Chapter 13 bankruptcy attorney can assist with bankruptcy which legally stops foreclosure proceedings and prevents all creditors from pursuing collection efforts against you.
Tips for effectively managing your debt crisis
Tips on finding useful information for debtors contemplating bankruptcy including links to useful websites and ideas for effective negotiating.