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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
540-627-6520
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March 2019 Archives

Will I ever be able to buy a house after bankruptcy?

Many people worry that bankruptcy will forever disrupt their dreams of homeownership. However, purchasing a home after bankruptcy is not impossible, though it may take some time. The length of time will depend on a number of factors including what type of bankruptcy you filed for, what types of loans may be available to you and how long it takes you to rebuild credit.

Income and debt limits for filing chapter 13 bankruptcy

Virginia residents may be interested in knowing that although there is no income limit set in order to file for Chapter 13 bankruptcy, there is a limit to the amount of debt one can have. For a person to be able to file for Chapter 13 bankruptcy, their debt must be less than $394,725 in unsecured debt. It cannot be more than $1,184,200 in secured debt.

Pros and cons of a Chapter 7 bankruptcy

Virginia consumers who are struggling with debt might wonder whether they should file for Chapter 7 bankruptcy. In order to file for Chapter 7, they must pass what is known as a "means test". This means that their income must be below a certain amount, which is usually the median income for the state. However, there are additional considerations in determining this income. For example, certain expenses may be taken into account and deducted from overall income to determine eligibility.

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Michael D. Hart, P.C.
19 Church Street Southwest
Roanoke, VA 24011

Phone: 540-627-6520
Fax: 540-342-7655
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