Chapter 13 Bankruptcy Lawyer Harrisonburg VA

Chapter 13 Bankruptcy Lawyer Harrisonburg VABankruptcy can help you discard your debt or help to create a plan to repay debt. However, there are different types of bankruptcy, which are filed under chapters. 

Some of those chapters are:

  • Chapter 7
  • Chapter 9
  • Chapter 11
  • Chapter 12
  • Chapter 13
  • Chapter 15

Each chapter is for a different use and MartinWren, P.C. can help you learn more. Individuals can file chapter 7 or chapter 13. Chapter 7 is liquidation, while chapter 13 is a plan to adjust debts to your consistent income. Chapter 13 gives a debtor the right to keep their property and pay debts over a time range, which is usually 3–5 years. 

To learn more about bankruptcy, contact a chapter 13 Harrisonburg VA Bankruptcy lawyer.

Advantages of Bankruptcy

While the specific advantages depend entirely on the type of bankruptcy you file, there are a few advantages that are relevant no matter what chapter you’re filing under. 

  • The Automatic Stay
  • Discharge Debt
  • Exemptions

When someone is in debt and files for bankruptcy, the “automatic stay” will be automatically granted, hence the name. Creditors are no longer allowed to attempt to collect your debts. They must wait, and this means that phone calls, letters, garnishments to your wages and foreclosures on your homes are to be stopped. Creditors are not allowed to resume, until the stay is lifted, or the bankruptcy resolved.

You cannot and will not be able to get rid of all of your debt through filing for bankruptcy. However, you are not responsible for dischargeable debt any longer. Your chapter 13 bankruptcy lawyer in Harrisonburg VA will have more information on this subject. 

Examples of dischargeable debt:

  • Credit cards
  • Mortgage payments
  • Car payments
  • Loans

Of course, filing for bankruptcy offers certain exemptions, reach out to MartinWren, P.C. to learn more about these exemptions. This varies because each state has different filing statuses and offers, and it varies between bankruptcies filed. However, many of these exemptions can allow people to keep property that they own or are in the process of purchasing, as the option to file for bankruptcy is not to leave someone with nothing, but help them manage their debts.

Are There Disadvantages to Bankruptcy?

Bankruptcy might sound great, but that does not mean it hasn’t got downsides. In fact, it has many downsides and you should always consult a chapter 13 bankruptcy lawyer in Harrisonburg VA before you file for bankruptcy. They can help you ensure that it’s in your best interests. 

Will Bankruptcy Impact My Credit?

It will impact your credit, and your chapter 13 bankruptcy lawyer in Harrisonburg VA will ensure you understand just how it will impact your credit. In fact, it is likely that you’ve been informed through various media of the effects of bankruptcy on your credit. It can even affect your opportunities to rent, as landlords will look at your credit score when going over your application. 

Some impacts of bankruptcy on your credit:

  • Credit score will decline.
  • It will remain on your credit for 7 years.
  • You may not be able to obtain a mortgage loan.
  • You may not be able to get credit cards or personal loans.
  • Most of your credit cards that you held will be canceled.
  • Some debts you cannot get rid of with bankruptcy. 

Before filing for any kind of bankruptcy, reach out to a Harrisonburg bankruptcy lawyer. They will know how best to help you, as they have training in this field.

Contact Our Virginia Lawyers

We serve clients throughout Virginia — from Charlottesville and Central Virginia to metropolitan Richmond; Harrisonburg and the Shenandoah Valley to Roanoke; and the cities of Hampton Roads to the Northern Virginia cities of  Fairfax, Alexandria and Arlington.

To speak with one of our attorneys, please call us at (434) 817-3100.

Our Virginia personal injury lawyers at MartinWren, P.C. also have a statewide practice and offer free consultations at a time and location that is convenient for you.  We will gladly meet with you at your home or at the hospital, even on nights and weekends.

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