Bankruptcy courts all over the country handle filing for bankruptcy, both by an individual or a company. They have been in the news a lot more recently than in the past because of the present economic downturn in the United States and the related loss of jobs. A lot more people have filed for bankruptcy in the recent past than ever before, especially under Chapter 7. The Virginia Bankruptcy Court is amongst the state level courts that hear on matters related to bankruptcy in the various states and maintain records of the same for future reference, both by the state and the general public.
All Virginia Bankruptcy Court records state the number of cases that were filed under Chapter 7 and Chapter 13 of the federal laws in the state. All Chapter 7 bankruptcies are known as Straight Bankruptcy. The procedure related to Chapter 7 is entirely supervised by the court. In this process, the trustee takes over the assets of the debtor and hands over the cash amount coming out of it to the creditors. People, who wish to keep their assets despite filing for bankruptcy, as they are worth an amount not prescribed in the exemption list, generally file for Chapter 13 bankruptcy. This gives them the scope to get rid of their debt by repaying the amount over a certain span of time.
Virginia Bankruptcy Court record is the best source for all kind of information related to bankruptcy in the state of Virginia. These Virginia Bankruptcy Records also provide information on various exemptions under the bankruptcy laws. Some of the exemptions are listed below,
- All private property being used for residing is exempted as mush as US$ 25,000 under the section 38-10-4(a)
- Any kind of Fraternity or community benefits are exempted under section 33-23-21
- Income from group insurance policy is exempted under section 33-6-28
- Disability and health benefits are exempted under section 38-10-4(j)
- Life insurance expenses on policy if you are a dependent are exempted under section 38-10-4(k)
Find Virginia Bankruptcy Records Online
Cases of Virginia Bankruptcies can be tracked as every record related to these is preserved at the courts. The bankruptcy courts of Virginia are broadly divided into two categories: Virginia Eastern District Court and Virginia Western District Court. The court locations of the former are Alexandria, Norfolk, Newport News, and Richmond while those for the latter are Abingdon, Charlottesville, Big Stone Gap, Lynchburg, Danville, Roanoke, Harrisonburg, and Staunton. You can visit these courts for bankruptcy records. But the easy way to locate a particular bankruptcy file is to visit the governmental online sources that provide updated database of all such records.
Of 967831 bankruptcy cases filed all over US, 19,478 cases were filed in different Virginia bankruptcy courts. If you want to search bankruptcy court cases, you will have to specific about the district that your area comes under. There are several other recognized websites that let you check public records as well as background check for criminal records etc in lieu of a particular amount. Generally, the databases that offer free information do not provide you with a copy of the report. In paid sites, you can take a print of the record for future reference.