Chapter 7 Bankruptcy

Richmond Virginia Chapter 7 Bankruptcy Attorneys

If you are unable to pay the monthly minimum on your credit cards and are constantly harassed by debt collectors, filing for bankruptcy may be the most effective way to regain your financial footing. If you meet certain income requirements, you can file for bankruptcy under the terms of Chapter 7. Under the terms of Chapter 7 bankruptcy, your credit card debt, unpaid medical bills, balance on certain kinds of loans, and other forms of unsecured debt will be wiped clean.

Even if you don’t initially pass the means test for filing for Chapter 7, you can claim certain kinds of exemptions that may qualify you for Chapter 7. At the law office of Cravens & Noll, we prepare and file Chapter 7 bankruptcy petitions for debt and income-eligible clients. We review your financial situation and determine if you qualify and whether or not you can claim certain exemptions.

If you’re facing mounting debt that is preventing you from staying current on your home mortgage or other bills, contact Chapter 7 bankruptcy lawyers at Cravens & Noll today to schedule a free consultation to discuss your case.

Can I Keep My Home if I File for Chapter 7?

Once you file for bankruptcy, an automatic stay is placed on your property that requires debt collectors and banks to halt all collection or foreclosure actions against you. However, this stay is temporary. If, after filing for bankruptcy, you are unable to pay your mortgage, your bank can foreclose on your home. However, since Chapter 7 discharges your unsecured debt, you may have enough disposal monthly income available to pay your mortgage. If you have fallen behind on your mortgage, you may be able to convince your bank to provide a workout plan that allows you to pay a little extra every month until your past due mortgage is brought current.

Will I lose My Car, Furniture, or other Possessions?

Under the terms of Chapter 7 bankruptcy, the court can liquidate some of your property in order to pay creditors all or a portion of what you owe them. Typically, luxury items like high-end electronics, expensive cars, unnecessary appliances like costly cappuccino machines, or luxurious clothing can be liquidated. However, there are exemptions for different kinds of property that may allow you to keep most, if not all, of your possessions. Our attorneys can review your situation and determine if any of your property will likely be liquidated.

People who file for Chapter 7 bankruptcy are usually able to keep their cars if they are able to maintain payments on them. In some situations, however, a bank or car dealership may ask you to sign a debt reaffirmation agreement. Reaffirmation agreements are not always in your best interest, however, especially if the debt on a car is more than the car is worth. Our lawyers can review the specifics of your situation and advise you as to whether or not you should sign a reaffirmation agreement.

Contact Chapter 7 Bankruptcy Attorneys

Don’t wait until your home is foreclosed on or your cars repossessed – contact Chapter 7 bankruptcy attorneys at Cravens & Noll today to schedule an appointment and learn how we can help you.