If you have struggled to pay creditors with no relief in sight, filing for bankruptcy could prove to be your solution. The decision to file for bankruptcy should not be taken lightly. In fact, it is a serious step that can have both positive and negative impacts on your credit history. While you can legally file for bankruptcy without a bankruptcy attorney, it is extremely difficult to do so correctly. Filing incorrectly can result in dismissal, costly re-filing fees and even more accrued debt.
Filing for bankruptcy the right way typically requires expert advice and excellent legal representation from a qualified Bankruptcy Attorney. Knowing which bankruptcy chapter you qualify to file under can be tricky to figure out on your own. Hiring a skilled, capable bankruptcy attorney in Stafford, VA is highly recommended to help you navigate local bankruptcy courts.
Typically, there are two type of bankruptcies that individuals may choose from: Chapter 7 & Chapter 13. Chapter 7 bankruptcy acts as a complete discharge or cancellation of all debts that are eligible under the filing. Under a Chapter 7 bankruptcy, debtors are usually able to keep their secured property, provided they are current on payment and will continue making payments on a regular basis. However, non exempt property must be surrendered to the bankruptcy trustee of record to pay off the filer’s creditors. Chapter 13 bankruptcy differs in that is reorganizes the filer’s debt and puts in place a payment arrangement that will be supervised by the court. Chapter 13 bankruptcy is sometimes referred to as the wage earner plan. Chapter 13 bankruptcy allows filers to keep property like their home or car, even if they are past due on payments. Discuss the full details with your bankruptcy attorney to help you decide which bankruptcy chapter will best suit your needs.
Not all bankruptcy attorneys are created equal. Most offer free initial consultations so be prepared to meet with a few to discuss your concerns. Bankruptcy law is complex. Choose an attorney you are comfortable with and who is experienced in the area of bankruptcy filings for the best results. For more details,
