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In a Chapter 7 bankruptcy, most or all of your debt is dismissed. Known as a “liquidation bankruptcy”, this option distributes most of your possessions or assets to repay your creditors. A court-appointed Trustee reviews your case and determines if you have any assets that can be used for repayment.
We highly recommend working with a bankruptcy law firm when filing for Chapter 7 bankruptcy. At Rich Law, our bankruptcy attorneys are very experienced with the U.S. Bankruptcy Code and can help determine the most likely outcome of your case before filing. In certain cases, your annual income may disqualify you from filing a Chapter 7. In these cases, Chapter 13 bankruptcy may be a better option for you.
Chapter 7 bankruptcy is a way to erase certain debts that you are unable to pay. Although there are various types of bankruptcy, this option is particularly designed to help those with little to no income. In a Chapter 7 bankruptcy, many or all of your debts may be dismissed by liquidating some of your property or assets to pay your creditors. It is important to speak with a bankruptcy lawyer before filing a Chapter 7, especially if there are certain assets you want to keep. This option is considered a short-term bankruptcy with no monthly payment.
Types of debt that can usually be dismissed under a Chapter 7 bankruptcy include:
A Chapter 7 bankruptcy usually cannot dismiss debt related to taxes, student loans, alimony, or luxury purchases. Speak with a bankruptcy lawyer to determine if a Chapter 7 filing is the right option for you.
If you do not have sufficient income to pay your debts, you may qualify to file for a Chapter 7 bankruptcy. The U.S. Bankruptcy Code has a strict set of laws and requirements that must be met to qualify for a straight liquidation bankruptcy. The bankruptcy attorneys at Rich Law can help determine if you meet these requirements.
At Rich Law, we review your case in advance to help determine the most likely outcome of your bankruptcy filing. A Chapter 7 bankruptcy in Virginia is a fairly smooth process that takes between 3-5 months to settle. Typically, the end result is debt relief with no loss of assets. Once your debt has been dismissed, it is illegal for creditors or collection agencies to contact you regarding those debts. The attorneys at Rich Law understand how difficult life can be when you have overwhelming debt. If you are looking for options to get your debt back under control, give us a call today to schedule a free bankruptcy consultation. We are happy to review your case and provide you with the bankruptcy information you need to determine the best option for you.