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Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases
The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.
Free - 2010 Bankruptcy Strategies Explained
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Virginia Bankruptcy Laws - Limitations
The Code of VA provides in § 34-5 - To what debts exemptions shall not apply - "The property exemptions
created under this Code shall not be claimed against the following debts: 1. For the purchase price of such
property or any part thereof. If the property purchased and not paid for is exchanged for or converted into
other property by the debtor, such last named property shall not be exempted from the payment of such unpaid
purchase money. 2. For spousal or child support obligations."
Operation of laws
In practice, occupation of a home requires a physical presence of the debtor on a regular basis. Problems
arise because of multiple tracts, absence from the state, and divorce proceedings which fracture the application
of domicile rules. Clarifying both domicile and
residency through a written designation prevents surprises. If the validity of a homestead exemption is in
question, written agreements and designation provide many debtors with a solution. Note: Absence
from the country because of military service can not form the sole basis of abandonment.
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