Harrisonburg Bankruptcy Lawyer

Harrisonburg Bankruptcy Lawyer Harrisonburg Bankruptcy Lawyer

At MartinWren, P.C., our team of Harrisonburg bankruptcy lawyers residents trust has seen how much people’s lives have been impacted by financial instability. For many, the costs of living are equal to or exceed their living expenses, making it difficult to pay off any debts they have accrued. Filing for bankruptcy may seem like an intimidating option, however, for those who fit the criteria it can set them on track towards recovering financially in the long run. If you have not talked with a lawyer yet about whether bankruptcy is the right option for you, we encourage you to reach out today to receive a brief, free initial consultation. 

Chapter 7 or Chapter 13 Bankruptcy

There are six bankruptcy chapters: Chapter 15, Chapter 12, Chapter 11, Chapter 9, Chapter 3, and Chapter 7. But for most cases, a person is going to apply for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is often called “liquidation” bankruptcy, as it can discharge your unsecured debts, such as credit cards and personal loans through selling off certain belongings. Before being approved for bankruptcy, it will be necessary for you to pass a “means test”, which confirms you are eligible. 

Chapter 13 bankruptcy is commonly referred to as the “reorganization” bankruptcy chapter. In this option, you will establish a play for repaying back at least a portion of your debts over several years. Your property will not be liquidated to pay off your debts, but you will have to commit to a 3-5 year repayment plan based on what you can afford. After that, the rest of your debts may be discharged. 

Bankruptcy Will Impact Your Credit

As your lawyer for bankruptcy in Harrisonburg may tell you, filing for bankruptcy is likely going to affect your credit. One of the biggest deterrents to bankruptcy filing is that it will cause your credit score to go down, in addition to a bankruptcy status remaining on your credit report for around ten years. You may also be required to declare a bankruptcy filing to employers in the future, on medical related forms, and other types of government or state reports.

Most lenders and landlords will look at your credit score when approving yoru application, so it is important to understand how this may impact your opportunities in the years to come. With all that being said, it may still be worth filing depending on the circumstances.

Common Misconceptions

Many consumers assume that bankruptcy means that they will automatically have their debts eradicated. This assumption is not entirely correct, as in most cases the debtor will have to pay at least a portion of their debts back. It is possible to have all of your debts discharged, but this is less common and is not the general outcome.

If you are in need of more information about bankruptcy, please call MartinWren, P.C. to speak with a bankruptcy lawyer in Harrisonburg today. 

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.

To schedule a free consultation with a personal injury lawyer, please call us at (434) 817-3100.

latest firm news