Chapter 7 Bankruptcy in Virginia

Bankruptcy, a legal procedure guided by the federal law, is a process through which individuals or a business entity that cannot pay outstanding debts to creditors may seek partial or complete debt relief. The simplest and most common type of bankruptcy is chapter 7 bankruptcy. Upon filing chapter 7, in most cases, an automatic stay is put into place and creditors no longer have the right to proceed against the debtor unless the automatic stay is lifted by the court or by operation of law. Chapter 7 bankruptcy is the legal process that allows a debtor to seek debt relief from creditors. The debtor is required to turn over any non-exempt property that exists to a trustee who then converts i

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