Legal Question in Bankruptcy in Virginia

2 Part question about loopholes to help filing a banckruptcy

Question 1----I have heard that there is a loophole in the bankruptcy law that allows you to hide a bankruptcy from showing up on your personal credit report. I was wondering if this is true and how I use this loophole.

Question 2----I would like to know what exemptions are allowed under a Virginia Bankruptcy. I would like to keep my house which houses my business, business equipment and tools($30-50K) so that I can conduct business. Total debts equal more than liquidated assets. Leins and repairs on house are more than the value of house property. All vehicles are financed. Most valued equipment has lein or is on a securities agreement. How can I keep most or all through loopholes? If they take all this away I am totally shut down and will have no source of income. Is there special exemptions so that an individual can survive past a chapter 7 or 13 in his industry with his tools.

If bank takes my vehicle away then I can not get to and from jobs or doctors. If they repos the vehicle shortly prior to filing bankruptcy can i include it and get it back.


Asked on 4/16/01, 12:12 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: 2 Part question about loopholes to help filing a banckruptcy

There is no "loophole" to keep bankruptcy off a credit report.

With regard to keeping your home, business equipment and tools, it depends on the value, existence and amount of liens, and the size of your family. See a bankruptcy lawyer.

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Answered on 6/09/01, 6:41 pm


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