Bankruptcy Chapter 7 Lawyer Virginia | Bankruptcy Chapter 7 Lawyer VA

Bankruptcy Chapter 7 is a very useful legal tool in the US that allows an individual to completely erase various kinds of debts including credit card debt, medical debt, payday loans, etc. Expert Lawyers state that studies have shown that around 39 million Americans have filed for insolvency. The Law Offices of SRIS, P.C. can help in this context. Our able attorneys have hands-on experience in the field.

Types of Debts

Dischargeable Debts:

Bankruptcy Chapter 7 Lawyer explains that these are debts that can be erased by filing insolvency. They include:

• Medical Debt
• Car Loans
• Personal Loans
• Payday Loans
• Utility Bills
• Credit Card Debt

Bankruptcy Chapter 7 Lawyer states that once an individual files insolvency, an automatic stay is brought into effect. All debt collectors are informed to stop collecting debts temporarily.
Non-Dischargeable Debts:

Bankruptcy Chapter 7 Lawyers call non-dischargeable debts the debts that cannot be erased. They include:

• Child Support or Alimony
• Tax or debts that an individual may owe the government
• Student Loans (unless you may prove extreme hardship in repaying)

Secured Debts:

Bankruptcy Chapter 7 Lawyer states that these are debts that are backed by property. For example, a car loan is backed by a car, and a mortgage is backed by a house. In case, you are not ready to part with the property that backs or secures the debt, then you cannot file insolvency. Bankruptcy Chapter 7 Lawyers further explain that, if an individual is willing to give up the property, then they stand a chance to have their secured debts erased.

How to file chapter 7 bankruptcy?

Bankruptcy Chapter 7 Lawyers explain that filing insolvency involves a few mandatory steps;

• Collecting all Financial Documents

Bankruptcy Chapter 7 Lawyers emphasize collecting and preparing financial documents before filling the form. Hence, the first step to be taken prior to filing insolvency is to collect all financial statements. If you are employed, you may want to get a copy of the recent bank statements and the income tax returns of the last 2 years. Bankruptcy Chapter 7 Lawyers state that keeping a copy of the credit report will also prove useful.

• Fill the Form -Get help from a Bankruptcy Chapter 7 Lawyer

You will be asked to fill insolvency petition that includes questions related to your salary, expense, your savings, and the money you owe. You can use the help of an experienced bankruptcy chapter 7 lawyer in this step.

• Credit Counselling Course Certification

You need to attend an online course with a non-profit credit counseling agency. The session may last up to 60 minutes and towards the end, you will be awarded a course completion certificate; this certificate must, then, be submitted to the court. Get help from a bankruptcy chapter 7 lawyer while selecting an appropriate non-profit credit counseling agency.

• File the form with the court

You can file the forms online, or in person, or even by mail. If you have already hired a bankruptcy chapter 7 lawyer to represent you, then he or she can file the form for you. Bankruptcy Chapter 7 Lawyers explain that A major part of the process gets over with the filing.

• Mail all required documents to the trustee

Bankruptcy Chapter 7 Lawyer explains that the court usually assigns a trustee who will oversee your case. You must send them a copy of all the documents that you had filed with the court.

• Finance Management Course Certification

Bankruptcy Chapter 7 Lawyer explains that this course is similar to the credit counseling course taken before the filing. The finance management course also is a 60 – minute course that can be taken online from the agency of your choice. This course prepares you for life after insolvency. Bankruptcy chapter 7 lawyer emphasizes upon submitting the course completion certificates to the court without fail.

• Attend the 341 meeting

You will be required to attend a 5-10 minutes meeting with your trustee, who will ask you a few questions in order to authenticate all the documents you have submitted. You can seek help from your bankruptcy chapter 7 lawyer to help you revise a few mock questions before attending the 341 meeting.

• Receive Discharge Letter

If everything goes well during the 341 meeting, you will receive a letter in 2 or 3 months stating that you are officially discharged.

The Law Offices of SRIS, P.C. is your one-stop location if you want to file insolvency. Our experienced Bankruptcy Chapter 7 Lawyer will assist you with the entire filing process.