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The Bankruptcy Means Test in Virginia

To file for Chapter 7 bankruptcy, you must pass the means test. This test is used to compare your income in the six-month period before filing to the average income of a comparable household in Virginia. If your income is below the median state income for a comparable household, which was $56,436 in 2017, according… Read More »

What Are the Most Common Causes of Bankruptcy?

While bankruptcy filings have declined nationwide since 2015, Virginia’s bankruptcy rate from April 1, 2015 to March 31, 2016 of 269 per 100,000 residents exceeds that of the national average, 224 filings per 100,000 people. While many people mistakenly consider bankruptcy a last resort, the truth is that it offers a safe and legal way… Read More »

How Long Does the Bankruptcy Process Take in Virginia?

The length of your bankruptcy depends on the chapter you choose to file, the complexity of your bankruptcy estate, and other factors. Chapter 7 is the quickest form of bankruptcy in Virginia, whereas Chapter 13 requires a payment plan over the course of a few years. Chapter 7 is a liquidation bankruptcy. The bankruptcy court appoints… Read More »