How to File Bankruptcy in VA
Is Chapter 7 or 13 Bankruptcy Right for Me?
Chapter 13 bankruptcy is known as a reorganization event. You can keep your property if you do a court-mandated repayment plan. In the repayment plan, you can discharge your debt by paying your creditors a part of the debt over a certain period.
The eligibility restrictions for filing Chapter 13 bankruptcy:
- You cannot have more than $394,7255 of unsecured debt.
- You cannot have more than $1,184,200 of secured debt.
- You must be able to make monthly payments to the trustee for 3-5 years.
Are you sick of being hounded by creditors? Chapter 7 Bankruptcy is way to help relieve you of your unsecured debts. Most debtors prefer this debt relief program because it allows them to have a fresh financial start.
When you file for Chapter 7, you can potentially wipe out debts associated with:
- Credit cards
- Medical bills
- Personal loans
- Some federal income tax debts
If your debt is causing you an unhealthy amount of stress, call our firm. Our Winchester bankruptcy attorney provides clients with bankruptcy assistance as well as hope for the future. If you are unsure if bankruptcy is right for you, we can help you learn about your options and provide you with the necessary information to decide what would be the best path for you and your finances. We give clients our full support through honest advice and legal assistance that helps them eliminate their debts. To learn about how to declare bankruptcy in VA, contact one of our Winchester bankruptcy lawyers at Amable Law, PLLC.
How to File For Chapter 7 Bankruptcy
In Virginia, filing for Chapter 7 bankruptcy is a complicated process that requires careful preparation and attention to detail. To be eligible for bankruptcy under Chapter 7, individuals must pass certain requirements and prove that they cannot pay their debts off in a reasonable timeline.
The first step to filing for Chapter 7 bankruptcy in Virginia is to meet with an experienced attorney who understands the complexities of this type of case. This lawyer will provide advice and help you prepare all of your paperwork. The necessary forms include income disclosure statements, credit counseling certificates, court pleadings, asset and liability statements, monthly income statements, and other related documents.
Once completed, they should be submitted along with the applicable filing fees to the local United States Bankruptcy Court. If approved by the court, these forms will become part of your bankruptcy case and help creditors evaluate your eligibility for debt relief through Chapter 7 bankruptcy proceedings.
If you are considering filing for Chapter 7 bankruptcy in Virginia, it’s essential to understand all relevant laws and regulations. Consulting an experienced attorney can ensure you have all the information needed to make an informed decision about your financial future.
Can I Keep My Car if I File Chapter 7 in Virginia?
If you file for chapter 7 bankruptcy in Virginia, you will get to keep your car if you don’t have an expensive car worth thousands of dollars. If you file for chapter 13 bankruptcy, you will not have to worry about losing your vehicle since it doesn’t require you to turn over any possessions you have.
Will They Take My Furniture in Chapter 7?
In most chapter 7, you are allowed to keep your household goods and furniture in bankruptcy. Whether you will be able to depends on the property and if you are allowed to choose between the state and federal exemption systems.
How Long Does It Take to Rebuild Credit After Chapter 7?
It is still possible to achieve a credit score of 700 or more within two years after filing for Chapter 7 bankruptcy. It requires dedication, timing, and patience to achieve that. In order to achieve this you must follow these steps:
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Check your score
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Apply for a loan that builds credit
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Apply for a credit card
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Get another credit card
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Check your score again
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Spend within your means
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Ask for help
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Don’t make any large purchases after two years of filing for bankruptcy
Will Filing Bankruptcy in Virginia Erase My Debts?
Credit card balances, overdue utility bills, medical bills, personal loans, and other bills are wiped out by bankruptcy. If you're willing to give up the house or car that secures the debt, you can cancel your mortgage or car payment. When you put up property as collateral, the lender can take it if you don't pay.)
However, you cannot discharge all your debts. Debts that aren't dischargeable in bankruptcy, like domestic support arrearages and recent tax debt, won't disappear, and student loans aren't easily wiped out (you'd need to win a separate lawsuit to deal with them). You will need to make sure bankruptcy will discharge (get rid of) enough bills to make it worthwhile.
Related Resources
Contact Amable Law at (540) 739-2001 to schedule your initial consultation with a Virginia bankruptcy lawyer. We can give you the financial relief that you need to get a fresh start!
