Bankruptcy is nothing to be ashamed of, but it is complex, which is why if you believe you are ready to file for bankruptcy, you must not do so without the assistance of an experienced Chesapeake bankruptcy lawyer. Contact Patzig Law today to learn more about our bankruptcy services and how we can effectively guide you through every step of the legal process ahead.
Do I Need a Chesapeake Bankruptcy Lawyer?
If you find yourself in a situation where bills are piling up, you’ve received foreclosure warnings, and you have no real means to pay back your debts, it is most likely time to file for bankruptcy. As you may know, bankruptcy can be a very complex process, which is why it is crucial that you do not go it alone. Our firm can help ensure that you file properly and on time, and ultimately, get yourself into a financial position you can finally be comfortable in.
Types of Bankruptcy
There are several types of bankruptcy available to individuals in Virginia, including Chapter 7, Chapter 13, Chapter 11, and Chapter 12. Of those, Chapter 7 and Chapter 13 are the most common. They are as follows:
- Chapter 7: Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a type of bankruptcy where the individual will liquidate a portion of his or her assets in exchange for the elimination of most of their debts.
- Chapter 13: Chapter 13 bankruptcy, for many, is the ideal form of bankruptcy, as it allows them to restructure their debts, keep their property, and move on with their lives. Essentially, you and your attorney will come up with a three or five-year repayment plan. As long as the bankruptcy court and your creditors approve of the plan, you will pay off the debt you owe (often at a reduced rate) in exchange for the elimination of all remaining dischargeable debts.
The Automatic Stay
One of the biggest perks of filing for bankruptcy is that as soon as you do, the Bankruptcy Court will issue an automatic stay. Essentially, the automatic stay prohibits creditors from all collection activities until the bankruptcy process has come to a close. This also means that you will get to keep your home at least until the bankruptcy process ends, even if you file on the date of foreclosure.
Contact a Chesapeake Bankruptcy Lawyer
If you have any further questions about the bankruptcy process in the Commonwealth of Virginia, please do not hesitate to contact a knowledgeable Chesapeake bankruptcy lawyer here at Patzing Law today. We are ready to help.