Are You Considering Filing Chapter 7 Bankruptcy?
Contact Our Richmond, Fairfax, and Warrenton Bankruptcy Lawyers Today For Supportive Counsel
Overcoming debt can be challenging, especially when you do not know where to turn to or who to trust. At New Day Legal, we are proud to provide valuable representation and dedicated counsel to our clients in and around the Richmond, Fairfax, and Warrenton area. Our Richmond, Fairfax, and Warrenton bankruptcy attorneys have 30 years of experience handling complex bankruptcy cases, and we stand ready to assist each client who seeks our representation. When you choose to work with New Day Legal, you can rest assured that your case is being handled by talented and trusted legal professionals. We make it simple!
Call (540) 788-2273 for a free case review today.
Chapter 7 bankruptcy is sometimes referred to as “Chapter 7 liquidation” because theoretically all nonexempt assets can be sold (liquidated) to repay the creditors. However, the sale of any assets very rarely happens. In most Chapter 7 proceedings, basic household goods, the filer’s primary residence, their vehicle, and various other personal items are exempt from liquidation. This means you get to keep your stuff!
The bankruptcy court is the most powerful court in the land, transferring more wealth every day than any other court. The entire proceeding from the filing date typically lasts about 90 to 110 days, and results in a discharge (forgiveness) of all debt except for a few basic categories: support you owe, taxes, fines, and restitution in a criminal case such as parking tickets, and all student loans. Once you file, an automatic stay is imposed against creditors to cease the following actions:
- Foreclosure proceedings
- Collection attempts
- Chapter 7 In Virginia
- Chapter 7 Exemption Rules
- Timeframe Of Discharge
Bankruptcy Means Test
Before you can file for Chapter 7 bankruptcy, we will first need to determine your eligibility through the means test. This test was devised and designed by Congress to keep “rich people” from filing Chapter 7, to make them go into a repayment plan over a three to five year period by filing a Chapter 13. The firstpart of the means test is determining your income against the median income for the state, dependent on your household size. After that, your eligibility may depend on certain unusual expenses you may have, and also the amount of secured debt you have that you want to keep paying. Even if you are unable to file under Chapter 7, you can potentially still reap the benefits of bankruptcy by filing under Chapter 13. One of the benefits is potentially “stripping off” second and third mortgages and liens from your home!
Work With New Day Legal Today!
If you are considering filing for bankruptcy, or if you are ready to be debt free once and for all, now is the time to act. Give us a call! Our firm proudly provides representation to clients in and around all areas of Richmond, Fairfax, and Warrenton, and we may be able to effectively assist you in overcoming your financial problems. Remember our motto: “We help people!”
To learn more, contact New Day Legal today at (540) 788-2273.