Legal Question in Bankruptcy in Virginia

I have recently filed a chapter 7 bankruptcy and need to know how the homestead rule in Virginia of $125K would affect a $400k+ mortgage. Will this debt be waived most likely of deducted by the homestead rule amout? What about Chapter 13?


Asked on 6/09/10, 9:38 pm

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

You need a lawyer, now. There is no $125,000 homestead in VA (it's $5000, which usually has to be used to protect other assets).. And an exemption does not affect what you owe on your mortgage, in either chapter 7 or 13.

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Answered on 6/10/10, 3:37 am


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