Chapter 7 & Chapter 13

Bankruptcy is not a sign of failure. In fact, it is often a wise choice. Whether a divorce, illness or job loss has resulted in your current financial situation, bankruptcy will allow you to pay some of your debts while discharging others.

Taking action now can allow you to start over, rebuild your credit rating, and take care of yourself and your family. Contact a Virginia Beach bankruptcy attorney. (757) 422-4646.

During Your Worst Times, We’re at Our Best.

Chapter 7 Bankruptcy

Depending on your income and your debts, you may qualify for “fresh start” bankruptcy. Immediately upon your filing, creditors can no longer call you or attempt to collect the debts. At the end of the process, your debts will be discharged. But you will be forced to give up certain property.

The “means test” is relatively new. If your income is above the median income for your family size in the county in which you live, then you will have to undergo a comparison of your income and debts. If you are able to pay a significant portion of your debts, you may be forced to pursue other options such as Chapter 13.

Chapter 13 Bankruptcy

Filing under Chapter 13 has some advantages. Your bankruptcy remains on your credit record for only seven years as opposed to ten with Chapter 7. You may also be able to avoid foreclosure on your home and keep more of your property. However, you must enter a three- or five-year repayment plan in which you will repay much of your debt. At the end of that time, remaining debts are discharged.

Child support obligations, educational loans and certain other debts cannot be discharged in bankruptcy.

Virginia Beach Bankruptcy Lawyer

Call (757) 422-4646 or contact a Chapter 7 bankruptcy lawyer online today to schedule a free consultation at our Virginia Beach office.