Distinctions: Chapter 7 and Chapter 13.
Overwhelming financial obligation? Time for the fresh begin? There’s two options for filing personal bankruptcy in Virginia: Chapter 7 or Chapter 13. through your free assessment our solicitors can allow you to determine which choice is perfect for your position.
Underneath the Federal Bankruptcy Code individuals overrun with financial obligation may make an application for bankruptcy security under Chapter 7 or Chapter 13. Each provides appropriate protection based on your own circumstances. Boleman Law provides everybody else a free of charge assessment with a skilled, experienced bankruptcy lawyer to examine and suggest choices. Just demand a scheduled appointment.
Chapter 7 bankruptcy
Often referred to as a вЂњcompleteвЂќ or вЂњstraightвЂќ bankruptcy chapter that is ensures that anyone turns over all their non-exempt assets or home (vehicle, home, cost cost cost cost cost savings, for instance) up to a bankruptcy trustee whom offers it and distributes the profits to your unsecured creditors such as for instance credit card issuers, medical bills or loans.
Individuals usually can keep a majority of their property that is personal, tools and clothes, as an example).
Boleman Law will finish every one of the complicated kinds and documents beside you and speaks on your behalf at trustee hearings and in court for you, and a Boleman Law attorney will stand. Knowledgeable individuals at Boleman Law are often accessible to assist through the entire procedure.
In exchange the individual is issued aвЂќ that isвЂњdischarge of financial obligation вЂ“ your debt is terminated. Some financial obligation (spousal and son or daughter help, figuratively speaking plus some fees) is not released in bankruptcy.
The method often takes about 6 months.