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Your Dependable Richmond Bankruptcy Lawyer
An attorney who is familiar with local bankruptcy laws is an invaluable partner in your journey to a fresh financial start. We work hard for each client in order to increase positive outcomes. We can help you decide if your situation can be resolved through a non-bankruptcy solution or determine which type of bankruptcy is right for you. Then we roll up our sleeves and make sure the process is smooth and beneficial to you.
Filing Chapter 7 Bankruptcy with Your Bankruptcy Law Attorney in Richmond
Chapter 7 bankruptcy is also known as “straight bankruptcy,” and is a great choice for individuals or families. Chapter 7 bankruptcy can relieve or even completely discharge many debts, including credit card debt, medical bills, and more. As a skilled Richmond bankruptcy lawyer, we can help you reduce your debts. In most cases, you’ll be able to keep your home and vehicles while also obtaining a stay on creditors trying to collect money owed to them. From the point of filing, all creditors will have to go through us and will no longer be able to call or contact you.
You may qualify for Chapter 7 bankruptcy if your yearly income falls below the average median salary in Virginia. If you are going through wage garnishment, repossession, foreclosure, or a lawsuit, call us immediately. If creditors are contacting you or harassing you on a frequent basis, it’s time to take action.
Chapter 11 Bankruptcy for Businesses
Businesses that are forced to restructure or reorganize their debt can do so with a Chapter 11 bankruptcy. Under this type of bankruptcy, the business presents a plan for repayment of debt to the court. If accepted, the business can then remain in operation and pay salaries and other ongoing expenses. This type of bankruptcy can be very expensive, and it usually isn’t appropriate for families or individuals. For businesses that don’t want to fold completely, however, Chapter 11 can be very beneficial.
Chapter 12 Bankruptcy for Family Farms
Chapter 12 is often appropriate when a family farm is in dire financial straits. This type of bankruptcy allows you time to pay off debts (usually a time frame of three to five years) while remaining in operation.
Chapter 13 Bankruptcy for Reorganization of Debt
Unlike Chapter 7 bankruptcy, which completely discharges many types of debts, Chapter 13 bankruptcy allows the client to reorganize debt payments over a three-to-five-year period. The creditors can no longer harass you and you will be able to keep your assets such as houses and vehicles.
Chapter 13 is great for individuals who make more than the average median salary and who have enough of an ongoing income to be able to make payments on top of their reasonable living expenses.
Richmond VA Bankruptcy Attorney
Richmond, VA 23219