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.
Speak to an Experienced Foreclosure and Alternatives Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.