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If you want to keep a secured asset, such as a car or home, and it is not completely covered by your Virginia bankruptcy exemptions then Chapter 7 is not an option. If facing foreclosure on your home, the automatic stay created by your Chapter 7 filing only serves as a temporary defense against foreclosure.

An Application for Waiver of the Chapter 7 Filing Fee for Individuals Who Cannot Pay The Filing Fee in Full or In Installments (Official Form 103B), must be filed with the petition. The form is available on the Court's web site, at , under Rules & Forms >> Forms.

Some of the most common Virginia Bankruptcy exemptions include: Homestead/Primary Residence: Each debtor can protection up to $25,000.00 of equity in their primary residence or a property where his/her dependent resides. A married couple that own a property together can exemption $25,000.00 each in the property.

Simply put, the value of the car cannot exceed the amount you owe when you file. If all of the equity value of your car is protected through the motor vehicle exemptions of Virginia, then you can keep your vehicle. This means that your car's market value is exempt to creditors.

Virginia allows the following per-person exemptions in a Chapter 7 bankruptcy: Up to $25,000 in value of a primary residence (known as a homestead exemption) A personal vehicle worth up to $6,000. Up to $10,000 of books, tools, equipment, machines, motor vehicles, vessels, and aircraft that you use in your job.

A bankruptcy case begins when you (the debtor) pay a filing fee and file certain papers, called a petition, with the bankruptcy court. You must provide financial information, including a list of all your assets and debts. You must certify this information under penalty of perjury.