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all available information about bankruptcy as well as alternatives. Woodward said clients who are filing for bankruptcy complete a questionnaire that includes a list of everyone to whom they owe money.
If they have regular income and money left over at the end of the month, they may consider Chapter 13. Those who file for Chapter 13 may not owe more than $750,000 in secured debt (mortgages, car loans) and not more than $250,000 in unsecured debt (credit cards).
Payments are made to the creditors through a trustee. Creditors who do not agree to debtors’ reaffirmation agreements — which allow debtors to keep property for which they set up a payment plan — may repossess a vehicle or foreclose on a house.
Chapter 7 may provide people with some protection against repossession and foreclosure, depending on whether the state deems the property to be exempt, or necessary for the support of the debtor and the debtor’s dependents.
In Virginia, Chapter 7 may provide no protection against repossession and foreclosure, Woodward said. In fact, foreclosures in the state are not han
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