Richmond Bankruptcy Attorney — Get a Legal Fresh Start and Take Back Control of Your Finances

Ferris Law helps individuals and families in the Richmond, Virginia area navigate bankruptcy under federal law with confidence. Attorney Richard W. Ferris is admitted to the U.S. Bankruptcy Court for the Eastern District of Virginia and has guided clients through Chapter 7 and Chapter 13 bankruptcy proceedings for decades. If debt has become unmanageable, the law provides a solution — call (804) 767-1800 for a free consultation.

Chapter 7 vs. Chapter 13 Bankruptcy: Which Is Right for You?

Federal bankruptcy law provides two main options for individual filers, and choosing the right chapter depends on your income, your assets, and your goals. At Ferris Law, we analyze your complete financial picture before recommending a path forward.

Chapter 7 — Liquidation bankruptcy: Eliminates most unsecured debts — credit cards, medical bills, personal loans — typically within four to six months. Best for filers with limited income who need a fast fresh start.
Chapter 13 — Reorganization bankruptcy: Creates a three-to-five-year court-approved repayment plan that lets you catch up on mortgage arrears, keep your car, and pay off certain non-dischargeable debts over time.
The means test determines Chapter 7 eligibility: Filers must pass the federal means test, which compares household income to Virginia’s median income — we run this analysis for you at no charge during your consultation.
Chapter 13 for homeowners facing foreclosure: Unlike Chapter 7, Chapter 13 can stop a foreclosure and allow you to cure mortgage arrears through your repayment plan.
Joint filing for married couples: Married couples may file jointly under either chapter, and Virginia law allows each spouse to claim a full set of exemptions in a joint case.

The right chapter makes an enormous difference in your outcome. Learn how we can help you protect additional assets through our estate planning services after your bankruptcy discharge.

Virginia Bankruptcy Exemptions: What You Get to Keep

Virginia opts out of the federal exemption system, meaning Virginia filers must use state exemptions under the Code of Virginia to protect their property. We know Virginia’s exemption laws in detail and structure your filing to protect as much as legally possible.

Homestead exemption — up to $50,000: As of July 1, 2024, Virginia Code § 34-4 allows filers to protect up to $50,000 in home equity from creditors in a bankruptcy proceeding.
Tenants by the Entirety exemption: Virginia provides an unlimited exemption for property titled as Tenants by the Entirety between married spouses, provided there is no joint unsecured debt — this can protect your marital home entirely.
Vehicle exemption: Virginia law protects a certain amount of equity in a motor vehicle, allowing most filers to keep a reliable car or truck.
Retirement accounts: Tax-exempt retirement accounts — including 401(k)s, IRAs, 403(b)s, and pension plans — are fully protected in Virginia bankruptcy proceedings under federal and state law.
Household goods and personal property: Virginia Code § 34-26 protects household furnishings, clothing, and basic personal property up to statutory limits.

Understanding your exemptions before you file is critical — improperly structured filings can result in losing assets you could have kept. Visit our Real Estate Document Drafting page if you hold investment property and want to understand how it interacts with bankruptcy.

The Automatic Stay: Immediate Protection the Moment You File

One of the most powerful features of bankruptcy is the automatic stay — a federal injunction that takes effect the instant you file your petition, stopping virtually all creditor collection activity immediately.

Collection calls stop immediately: Once the automatic stay is in place, creditors are legally prohibited from calling, writing, or otherwise attempting to collect on the debts included in your filing.
Foreclosure is halted: If your home is in foreclosure, filing bankruptcy triggers an automatic stay that stops the sale — giving you time to negotiate or pursue Chapter 13 reorganization.
Wage garnishments are suspended: Active wage garnishments must stop when the stay goes into effect, restoring your full paycheck while your case is pending.
Lawsuits and judgments are frozen: Civil lawsuits and pending judgments against you are paused for the duration of your bankruptcy case.
Penalties for violating the stay: Creditors who contact you after the stay is in place can be held in contempt of court and ordered to pay damages, including your attorney’s fees.

The automatic stay buys you time and breathing room — and in many cases, that is exactly what you need to make a sound decision about your financial future. Our team is here to help you take that first step, and our Contact page makes it easy to reach us.

Common Questions About Bankruptcy in Virginia

Most clients come to us with a mix of relief at discovering a solution and fear of the unknown. Here are straightforward answers to the questions we hear most.

Will I lose my house if I file for bankruptcy in Virginia? Not necessarily — the Tenants by the Entirety exemption and the homestead exemption protect many filers’ homes, and Chapter 13 specifically allows you to cure mortgage arrears and keep your property.
Will bankruptcy ruin my credit forever? No — a Chapter 7 bankruptcy remains on your credit report for ten years, but many clients begin rebuilding credit within one to two years after discharge.
What debts cannot be discharged in bankruptcy? Student loans, child support, alimony, most tax debts, and debts arising from fraud or willful misconduct generally survive bankruptcy and cannot be discharged.
How long does the bankruptcy process take? Chapter 7 cases typically resolve in four to six months; Chapter 13 cases last three to five years while you complete your repayment plan.

Still have questions about whether bankruptcy is right for your situation? Our Contact page is the fastest way to schedule your free consultation.

Schedule Your Free Bankruptcy Consultation With Ferris Law

You don’t have to keep living under the weight of unmanageable debt. Call Ferris Law today to speak with Attorney Richard Ferris — admitted to the U.S. Bankruptcy Court for the Eastern District of Virginia — and find out how the law can give you a genuine fresh start.

Phone: (804) 767-1800
Email: rwferris@richmondlawyer.com
Location: North Chesterfield, VA 23235