Virginia Bankruptcy Chapter 7 Maryland Bankruptcy Chapter 13 Laws Lawyers Fairfax Rockville

MARYLAND & VIRGINIA BANKRUPTCY LAWYERS

HANDLING CHAPTER 7, CHAPTER 11 AND CHAPTER 13 BANKRUPTCY CASES

Congress created bankruptcy law to help people who need help get a fresh start in life. Many people feel embarrassed that they have to file for bankruptcy. As we frequently remind our clients, you shouldn’t be uncomfortable about exercising your right to file for bankruptcy.

Although new bankruptcy laws have made it more difficult to file for bankruptcy, and filing bankruptcy will require more steps than in the past, it is still possible to file for bankruptcy. We routinely help clients exercise their constitutional rights in the bankruptcy context.

If you are considering filing a bankruptcy petition, please call us today at 888-437-7747 for a free consultation to determine whether bankruptcy is right for you. You can also read the information we have provided below, which will provide you with addition information about the different types of bankruptcies.

We have Maryland & Virginia bankruptcy attorneys and offices in Virginia and Maryland.

• Our Virginia offices are in Fairfax, Lynchburg, Manassas, Richmond & Virginia Beach.
• Our Maryland offices are in Rockville & Annapolis.

For more information or to make an appointment with SRIS, P.C., please call, send us an e-mail or complete our online intake form.

SELECTING THE RIGHT TYPE OF BANKRUPTCY

Our bankruptcy attorneys handle Chapter 7, Chapter 11 and Chapter 13 bankruptcies in Maryland and Virginia.

Chapter 13 bankruptcy is generally reserved for individual consumers. It can help you save your house, car and personal effects. Filing bankruptcy might allow you to stop a foreclosure on your home. Chapter 11 can help your business reorganize and restructure, giving you an opportunity to prosper despite difficult financial times. Chapter 7 bankruptcy, also known as liquidation, allows some individuals and businesses to liquidate assets and eliminate debts.

For more information about the differences between these types of bankruptcies, please continue reading. To discuss your personal circumstances and determine which type of bankruptcy is right for you, contact us through our online intake form.

Our bankruptcy attorneys will fight those aggressive and annoying creditors for you. We work hard to provide you with the best service and legal representation possible. Our lawyers are highly skilled and knowledgeable in all types of bankruptcy law. Let an SRIS, P.C. bankruptcy lawyer in Virginia or Maryland help you get the relief that you need and deserve.

Bankruptcy law is mostly federal law. It contains the provisions that make up the current bankruptcy law. Bankruptcy proceedings are handled in the United States Bankruptcy Courts.

What is a Ch.7 bankruptcy?

The main goal of a Chapter 7 bankruptcy filing is to provide a fresh start to someone who is burdened with debt. Chapter 7 bankruptcies are the most common form of bankruptcy filings, accounting for more than 65% of all consumer bankruptcy filings.

Chapter 7 Bankruptcy is also known as liquidation or a straight bankruptcy. Liquidation converts one’s assets to money. This process involves the appointment of a trustee. The trustee collects all non-exempt property, sells the assets and then distributes the proceeds from the sale to the appropriate creditors. However, unlike other bankruptcy filings, a debtor does not make payments to the trustee.

Does this mean that you will lose your assets? The answer depends on your particular situation. If you fear that you may lose some of your possessions, discuss it with our Bankruptcy Lawyer.

The United States Bankruptcy Code may allow the debtor to keep some or all of the property. Often, a debtor will continue to make payments on a car loan or a mortgage on their home. This is done by signing a reaffirmation agreement. This agreement removes a particular loan from bankruptcy protection. Another way a debtor may be eligible to keep a vehicle is to pay the creditor the value of the vehicle. This will release the debtor from the creditor’s lien.

Unless one of the parties involved in the bankruptcy objects, the whole process is quite short. Typically some or all of the debts will be discharged within months after the bankruptcy petition is filed by an attorney. While the process sounds simple it can be very complicated.

What is a Ch.11 bankruptcy?

Chapter 11 bankruptcy is designed to provide businesses with an opportunity to reorganize and restructure their debts. This allows businesses that might otherwise be forced to liquidate their assets and close their doors to continue operating through a difficult financial time.

Filing Chapter 11 bankruptcy provides a business with temporary protection from creditors. Rather than liquidating assets to pay off debts, a business can create a plan to pay these debts from future profits the company generates. While this plan is pending approval, the business can continue operating, and creditors are not allowed to repossess property on which they have placed liens.

The Chapter 11 process is often more complex and complicated than Chapter 7 or Chapter 13 bankruptcy. When you file for Chapter 11 bankruptcy you will have to create a list of all of your creditors – and some of these creditors are selected as representatives for all of the creditors. You will also have to create a bankruptcy plan, and your creditors will have to accept this plan before your bankruptcy can be finalized.

To determine whether Chapter 11 bankruptcy is the right option for you, it is helpful to speak with an experienced bankruptcy attorney. In Maryland and Virginia, our bankruptcy attorneys can help you determine the best options for your business.

What is Ch. 13 Bankruptcy?

The purpose behind Chapter 13 bankruptcy filing is rehabilitation of the debtor. When you file for Chapter 13 bankruptcy, you are given the opportunity to repay some or all of your debts, but at generally better terms than your original agreements (lower or no interest). Rather than having to liquidate assets to pay off debts, this process is designed to allow the debtor to use future income to pay off creditors. Chapter 13 Bankruptcy is basically an adjustment or reduction of debts for a debtor with regular income.

The United States Bankruptcy Code provides the debtor an opportunity to pay back their creditors over a period of time of up to five years. This process is completely supervised by the court. Your attorney will ensure that your interests will be protected.

Chapter 13 bankruptcy allows the debtor to keep all of their property. However, an interest-free plan for repayment must be developed and approved by the court. The debtor begins to make payments within thirty to forty-five days after the case has begun. Unlike Chapter 7 Bankruptcy, the payments are made to the trustee who will then pay the appropriate creditors. Chapter 13 Bankruptcy prevents creditors from collecting from the debtor. The creditors are required by law to strictly follow the terms of the repayment plan. Your attorney will prepare this payment plan.

Although our bankruptcy attorneys are licensed to handle bankruptcy cases in Virginia, Maryland, D.C. & Massachusetts, we handle bankruptcy cases only in Virginia & Maryland.

Our Maryland & Virginia Bankruptcy attorneys and staff speak various languages, including English, Tamil, Arabic, Spanish, French, Hindi, Cantonese, Mandarin, and Telugu.

For more information or to make an appointment with a SRIS, P.C. bankruptcy lawyer, please call us at 888-437-7747, send an e-mail or complete the online intake form.

Please click on attorneys to learn more about the bankruptcy lawyers who handle bankruptcy cases in Virginia and Maryland.

We Are a Designated Debt Relief Agency under Federal Law. We Provide Legal
Assistance to Consumers Seeking Relief Under the Bankruptcy Code.