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Bankruptcy

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A bankruptcy petition is a set of forms (also known as schedules) on which a debtor filing for bankruptcy discloses detailed financial information to the bankruptcy court. These forms will require you to list all of your assets (real property and personal property), your monthly income and expenses, and the debts you want to eliminate or discharge in bankruptcy. Your bankruptcy case begins when you file the bankruptcy petition with the clerk of the bankruptcy court.

In Virginia, as in all states, a bankruptcy petition is the formal document filed by an individual or business to initiate bankruptcy proceedings. The petition includes various forms, often referred to as schedules, which require comprehensive disclosure of the debtor's financial situation. This includes listing all assets, both real and personal property, detailing monthly income and expenses, and identifying all debts the debtor seeks to discharge. The filing of the bankruptcy petition marks the official start of the case and is submitted to the clerk of the bankruptcy court. Federal law, specifically the U.S. Bankruptcy Code, governs the process of bankruptcy, but Virginia state law can influence certain aspects, such as exemptions that protect certain assets from being used to pay creditors. It is important for debtors in Virginia to understand both federal and state laws when filing for bankruptcy, and consulting with an attorney can help navigate the complexities of the process.

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Bankruptcy

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Individual & Family Legal Plan

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Virginia State Code

Virginia State Code

Bankruptcy

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