Legal Question in Bankruptcy in Virginia

Cost of filing bankruptcy

Curious as to the total cost to file Chapter 7. Also, what happens to tangible assets like cars, jewelry, furniture when you file?

Asked on 4/07/09, 3:14 pm

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.

Re: Cost of filing bankruptcy

The total cost of filing depends on the complexity of the case and the skill and experience of the lawyer.

As to assets, a debtor is entitled to keep certain assets as exempt, up to certain dollar limits; if those are exceeded, the trustee will sell the assets for the benefit of creditors, but most cases do not involve non-exempt assets. As for assets (like many cars and houses) that have loans secured by the asset, if there is little or no (non-exempt) equity in the asset, you can keep the asset if you can continue to make the payments (there may be other options as well, such as redeeming the asset for fair market value).

We practice bankruptcy law in Northern Va. and would be pleased to discuss this matter with you further.

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Answered on 4/07/09, 3:23 pm

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