Can I Keep My Home If I File Bankruptcy in Virginia?

Virginia has a relatively small homestead exemption provision. A Virginia homeowner is only entitled to protect $5,000 (plus $500 for every dependent) from unsecured creditors if the homeowner files for bankruptcy.
If the homeowner has significantly more equity in the home than that allowed by the homestead exemption then the bankruptcy court may order the property sold in order to satisfy the creditors. Likewise, if the homeowner cannot meet his or her monthly mortgage obligations then the judge will likely order that the property be sold.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

Additional Foreclosure and Alternatives Articles

Search LawInfo's Foreclosure and Alternatives Resources