Pagano Marks

Richmond’s Bankruptcy & PI Attorneys

Bankruptcy FAQ

Frequently Asked BANKRUPTCY Questions posed to Richmond's Bankruptcy Lawyers at Pagano & Marks

If I file bankruptcy will I lose my property?

It is possible that filing a Chapter 7 bankruptcy may open the door for losing or having to surrender some of your assets and belongings. This is a very complex and serious matter and while there may be certain protections available to bankruptcy filers in Virginia, you should consult with an attorney before attempting to file. Most people are eligible to claim exempt most if not all of their property but sometimes it is not possible to protect everything in a liquidation chapter 7 bankruptcy.

-Please visit our page regarding bankruptcy exemptions for more

I filed bankruptcy before, can I file again now?

Some people have filed one or more bankruptcies in he past, sometimes receiving a bankruptcy discharge and sometimes not. There are certain requirements that may dictate whether you may file a bankruptcy now or whether you may file now but may not be entitled to receive a discharge of your debts. Our Bankruptcy attorneys can assist in evaluating what you are currently eligible.

I have heard about a chapter 7 and a chapter 13 bankruptcy, but what is the difference?

The main difference in a chapter 7 and chapter 13 is that a 7 is a liquidation of assets and ‘wipe out’ of discharge-able debts, while a 13 is a reorganization of debt and repayment of some to all of your debt. In a chapter 13 you are usually keeping the assets that you want to keep. We can determine whether you qualify for one or the other, whether you HAVE to file one or the other and whether you SHOULD file one or the other.

How long does a bankruptcy ruin my credit for?

Everyone has a different financial situation and everyone has a different credit score, so everyone is impacted uniquely from the filing of a chapter 7 or chapter 13. The bankruptcy code requires each person to take, compete and receive a certificate of a credit counseling class as well as a debtors education, financial management class. These classes can be helpful in explaining how to rehabilitate your credit after the bankruptcy.

How do I stop a garnishment or foreclosure or repossession and stop creditors from calling me?

The filing of a bankruptcy stops all actions by creditors including collection calls and letters but it also stops foreclosures of homes and repossessions of vehicles and stops the creditors from garnishing a bank account or payroll wages.

If I file a bankruptcy can I still keep a credit card to use as an emergency card?

Unfortunately, no, you do not get to pick and choose which debts get listed and which unsecured debts you want to keep as you are required to list all of your debts.


If you are seeking options regarding your current debt situation, our firm will be able to help you through the process of filing for bankruptcy. We will discuss your available options with you, advise you of the best legal action for you to take and provide you with assistance throughout the duration of your case. Contact the RICHMOND BANKRUPTCY LAWYERS of PAGANO & MARKS at (804) 447-1002!