You have two main choices under the bankruptcy law. Chapter 13 is a debt adjustment. We work out with the court a payment you can afford. Chapter 13 provides time to catch up for people who are behind on their house payments. Chapter 13 may be required for higher income people or if you have built up equity in your home.
Most people keep everything.
Virginia law allows you to keep your furniture, clothes, and car up to certain limits of value. The bad news is, bankruptcy will be on your credit report for 10 years. The good news is, you can re-establish some credit fairly quickly. We'll talk about what to do at our first meeting. We offer Bob Weed's Debt Counseling Service.