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Bankruptcy FAQ

Nearly everyone considering filing bankruptcy has many questions. Sometimes one nagging question can seem like an insurmountable obstacle. Scot S. Farthing Attorney at Law, PC, is a valuable resource for debtors in Virginia. From law offices in Wytheville and Christiansburg, we are prepared to listen carefully and answer your questions with your particular situation in mind. Call or email the law offices to schedule a free consultation. Discuss questions such as:

What can I keep if I file bankruptcy?

With the guidance of a knowledgeable lawyer, you may very well be able to keep all your assets despite bankruptcy. Bankruptcy exemptions, spelled out in state or federal law, generally cover the property owned by most people considering bankruptcy. Knowing how to characterize assets can be important. Are the tools in your garage personal property or "tools of your trade?" For best results, ask your bankruptcy lawyer for advice as you inventory your assets.

What will I lose if I file bankruptcy?

The vast majority of bankruptcy filers lose debt when filing bankruptcy and nothing more. Plan the timing of your bankruptcy carefully and stay in close touch with your bankruptcy attorney for the most successful asset protection.

Should I use state or federal exemptions when I file bankruptcy in Virginia?

For many debtors, the choice of state or federal exemptions depends on whether they have accumulated home equity. Consider all the angles with the help of Scot S. Farthing Attorney at Law, PC. We can guide you in the selection of state or federal exemptions.

Can I save my house?

Filing bankruptcy can stop foreclosure, buying you time to consider the best answer to a bigger question: Is it in your best interests to keep your house? Would you be better off to let it — and the mortgage — go? Again, the amount of equity you have in your home will help clarify the correct answer in your case.

Can I save my car?

Filing bankruptcy will stop debt collection activities by creditors. If you are able to keep up the payments on your car loan, you may keep the car. On the other hand, it may be to your advantage to let the car and car loan go.

Can I stop garnishments?

Both wage garnishment and bank account garnishment can be stopped by filing bankruptcy. Even if garnishment has already taken place, you may be able to recover those funds by filing Chapter 7 or Chapter 13 bankruptcy promptly.

Will my bankruptcy be public knowledge?

Publication of bankruptcies in newspapers is a thing of the past. Your friends, neighbors, co-workers and family members are unlikely to realize that you have filed bankruptcy unless you tell them. However, your bankruptcy discharge will be public knowledge visible in court records. Potential employers or landlords may discover the bankruptcy if they conduct background checks.

For Personalized Answers To Your Own Bankruptcy FAQ, Contact Us

Scot S. Farthing Attorney at Law, PC, welcomes inquiries and questions such as, "What can I keep in bankruptcy?" Call or email to schedule a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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