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In a Chapter 7 bankruptcy, known as a “liquidation bankruptcy,” you eliminate most or all your debt. Though in most cases, people keep all their property in Chapter 7, 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 so your property can be protected or “exempted.” Rich Pecoraro and his staff have many years of experience representing clients in Chapter 7 cases and navigating the nuances of the U.S. Bankruptcy Code and the Virginia Code. He can determine the most likely outcome of your case before filing and how to maximize any available exemptions to protect your property. 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 your debts may be eliminated. 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 eliminated under a Chapter 7 bankruptcy include:
A Chapter 7 bankruptcy usually cannot eliminate debt related to taxes, student loans, alimony, child support, or some 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 complete. Typically, the end result is debt relief with no loss of assets. Once your debt has been discharged or eliminated, it is illegal for creditors or collection agencies to contact you regarding those debts. You can then begin the process of rebuilding your credit. 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.