Virginia Bankruptcy

Here’s an email I got on Friday, March 15 2013.

I started the bankruptcy process with your office in 03/2012 and stopped the process.  That was a wrong decision!!!  My house is scheduled for foreclosure on Monday 03/18/13 and I have tried working with Wells Fargo to postpone the sale.  NACA and Senator Mark Warner’s office also joined me to work with Wells Fargo but they are slow to give me a decision.  Can you help me stop the foreclosure?

I get a question like this a couple times a week.

 My name is Ben Chambers.

You handled my bankruptcy about 8 months ago it went well–thank you very much.  I just have a quick legal question.

At the time I decided to keep a car my Kia Sorento 2005 and pay the monthly loan amount.

“What will they take?”

When you file a Chapter 7 bankruptcy, the Chapter 7 trustee can take and sell your non-exempt assets.  (The proceeds are used to pay your creditors.)

Most people don’t have “non-exempt” assets, so the trustee doesn’t take and sell anything.  But that happy result often requires careful planning and detailed knowledge of exemption law.