Legal Question in Bankruptcy in Virginia

Bankruptcy

Mr. Press, thank you for your answers to my questions. Actually, I did hire an attorney, he cashed my check and he never returned any further phone calls! Trust me, if I could afford another one I would. I was a Senior Paralegal for seven years, but as you can see, bankruptcy was not my field. Since my last question, I checked the VA Code and I understand the house (the difference between owed/market value=VERY little). So, with the figures, will the trustee establish which portions are applied to the house and which are applied to the taxes? Income Taxes in my Homestead Deed???


Asked on 2/05/08, 7:55 pm

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

Re: Bankruptcy

Again, PLEASE GET A LAWYER. There are tricks to this with homestead deeds, but you need to be careful. One trick is to list each asset that you want to protect at $1.00, but make sure you describe the asset. You can amend later to change the exempt value, but you cannot add an asset after the deadline, nor exceed the total allowable amount.

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Answered on 2/05/08, 8:36 pm


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