Pagano Marks

Richmond’s Bankruptcy & PI Attorneys

Bankruptcy Exemptions

Bankruptcy Exemptions


The attorneys at Pagano & Marks have been filing bankruptcies for the residents of the greater Richmond and surrounding areas for a long time, but we have also seen our share of individuals who have tried to file their own bankruptcies without the assistance of legal counsel. In most of those instances pro-se filers of chapter 7 bankruptcyencounter issues with protecting their property because in order to do so you must select and claim or declare a specific state or federal statute in order to exempt your property from being taken by the bankruptcy court to be liquidated for the benefit of your creditors. These ‘exemptions’ are a very serious legal matter and can affect bankruptcy filers in a big way.

KEITH PAGANO and SETH MARKS can help navigate the chapter 7 process by protecting assets by claiming the proper exemptions that may be available to you. Alternatively, after a detailed review of your assets and liabilities, we may advise that filing a chapter 13 bankruptcy might be your best alternative if it appears that you may be at risk to lose some of your assets in a chapter 7 bankruptcy.

Filing a bankruptcy in Virginia and claiming Virginia statute exemptions requires you to have been a resident of Virginia for a certain length of time, however, if you do not meet that residency requirement it does not necessarily mean you cannot file in Virginia, it merely means the exemptions that are available to you may be different than what the Virginia exemptions provide. The lawyers at our firm can easily determine what exemption elections you have available to claim.

Most people are concerned most with protecting homes and vehicles and liquid assets like cash and bank account balances. We can assist you in determining whether those properties are safely protected or at risk of being liquidated, but we can also discuss whether your furniture, jewelry, retirement, firearms, tax refunds and more, are subject to being taken or whether they will be properly exempted.

Let Richmond’s Bankruptcy Attorneys explore these issues with you at a free consultation. Call now at 804-447-1002.