Bankruptcy in Virginia: the first step towards a debt-free future.
Determining which type of bankruptcy is right for you depends on several factors, including your financial situation, the type and amount of debt you have, and your future financial goals.
Chapter 7 bankruptcy in Virginia
The two most common types of bankruptcy for individuals are the following:
- Chapter 7
- Chapter 13
Chapter 7 bankruptcy is a liquidation process in which most or all your assets are sold to pay off your debts. Some types of debt, example student loans and taxes, cannot be discharged in Chapter 7 bankruptcy. This type of bankruptcy is best suited for individuals with low income, little or no assets, and a significant amount of unsecured debt, such as credit card debt, medical bills, and personal loans. Hence, Bankruptcy lawyers in Virginia can navigate in accordance with your bankruptcy case.
Chapter 13 bankruptcy is a reorganization process in which you create a payment plan to repay some or all your debts over 3 to 5 years. You get to keep most of your assets and must make regular payments to a court-appointed trustee, who then distributes the payments to your creditors. This type of bankruptcy is best suited for individuals with a steady income, significant assets, and a desire to keep their property, such as a home or car, who are struggling to pay their debts.
To determine which type of bankruptcy is right for you, it is essential to consult with a bankruptcy attorney in Fairfax, VA, who can evaluate your situation and provide guidance on the best course of action. In addition, it is important to note that bankruptcy is a serious decision that can have long-lasting consequences on your credit and financial future, so it is crucial to thoroughly weigh your options and consider all alternatives before proceeding.
CAN I FILE FOR BANKRUPTCY IN VIRGINIA?
It is possible to file bankruptcy in Virginia under certain circumstances. Generally, there are two types of fees connected with filing for bankruptcy: filing and attorney fees.
The filing fee for Chapter 7 bankruptcy in Virginia is $338, and the filing fee for Chapter 13 bankruptcy is $313. Unfortunately, the federal government sets these fees, which cannot be waived. However, if you cannot afford the filing fee, you may be eligible to apply for a fee waiver or installment payments.
To apply for a fee waiver, you must complete and submit a form called the Application to Have the Chapter 7 Filing Fee Waived or the Application to Pay Chapter 7 Filing Fee in Installments. The court will review your application and determine whether you qualify for a waiver or installment payments.
It is important to note that filing for bankruptcy without an attorney, also known as filing pro se, is possible, but it is not recommended. The bankruptcy procedure can be complex and confusing, and our bankruptcy lawyers in Virginia Beach, bankruptcy lawyers in Roanoke and bankruptcy lawyers in Lynchburg can offer valuable guidance and representation throughout the process.
In summary, while it is only possible to file for bankruptcy in Virginia by paying the filing fees, one should not generally try to file a bankruptcy petition in Virginia without proper legal guidance. Our bankruptcy lawyers in Fairfax, VA, bankruptcy lawyers in Virginia Beach, bankruptcy lawyers in Roanoke and bankruptcy lawyers in Lynchburg are here to help you get the relief you need.
If you are struggling with overwhelming debt, immediately get the help you need. Contact The Law of SRIS, P.C., today to schedule a consultation with one of our experienced bankruptcy lawyers in Roanoke Virginia. We can help you understand your options, navigate the complexities of the bankruptcy process, and get the fresh financial start you deserve.
Don’t let debt control your life any longer. Act now and reach us or visit our website to learn more about how we can help you achieve a brighter financial future.
WHAT ARE THE BENEFITS OF BANKRUPTCY USING AN ATTORNEY?
Here are some benefits of using an attorney for bankruptcy, specifically with The Law of SRIS, P.C.:
- Expertise and Knowledge: Attorneys specializing in bankruptcy law deeply understand the bankruptcy code and how it applies to your unique situation. They can help you navigate the bankruptcy process’s complexities and ensure your rights are protected.
- Better Outcomes: With an attorney representing you, you may be more likely to receive a favorable outcome in your bankruptcy case. They can negotiate with creditors, protect your assets, and ensure that you receive the maximum possible debt relief.
- Legal Protection: An attorney can help protect you from legal action and creditor harassment. They can also ensure that all of your legal rights are protected throughout the bankruptcy process.
- Peace of Mind: Filing for bankruptcy can be stressful and overwhelming. With an attorney by your side, you can have peace of mind knowing that you have a knowledgeable and experienced professional advocating for your best interests.
- Efficient Process: An attorney can help streamline the bankruptcy process and ensure that all paperwork and filings are completed accurately and on time. This can help you move through the bankruptcy process more quickly and efficiently.
If you are considering filing for bankruptcy, contact The Law of SRIS, P.C., for a Trial consultation. Their experienced bankruptcy lawyers in Virginia can offer you with the guidance and support you need to achieve a fresh financial start.
Frequently Asked Questions:
Will I need to go to court?
Yes, you may need to attend a bankruptcy court hearing, particularly in Chapter 7 and Chapter 13 cases. However, your lawyer can help you through the process.
How would bankruptcy affect my credit score?
Bankruptcy often has a negative impact on your credit score, resulting in a large decrease. The record may remain on your credit report for years, making it difficult to acquire credit.
Which debts survive bankruptcy?
Certain bills may survive bankruptcy, including taxes, student loans, child support, alimony, and fraud-related debts. Non-dischargeable debts differ according to the kind of bankruptcy.
How would bankruptcy affect my co-signers?
Bankruptcy does not discharge co-signed debts. Therefore, co-signers are still accountable for the entire amount. If you declare bankruptcy, creditors may seek your co-signers for the outstanding amount.
Can I keep my property while bankrupt?
Certain assets may be shielded from liquidation in bankruptcy. Exemptions, which vary by state, determine one’s capacity to keep property. Consult with a bankruptcy attorney for advice.
What happens if I’ve already filed for bankruptcy?
The number of times you can file bankruptcy is restricted. If you’ve previously filed for bankruptcy, the time and kind may have an impact on your eligibility. Consult a bankruptcy attorney for advice.