Harrisonburg Bankruptcy Lawyer

Harrisonburg Bankruptcy Lawyer

Harrisonburg-Bankruptcy-Lawyer-wooden-gavel-with-money-underneathWhen considering whether to file for bankruptcy, it’s best to consult with a Harrisonburg bankruptcy lawyer to understand the options for moving forward. No person wants to find themselves financially in over their heads, and sometimes, there may be no other option than to file for bankruptcy. For those facing such financial challenges, it’s essential to know that there are options available that can help a debtor experience relief and move forward with the process of rebuilding their credit. MartinWren, P.C. frequently represents clients who require support when making critical decisions over the appropriate chapter filing and legal representation during bankruptcy proceedings. 

What are some common signs that a person should consider filing for bankruptcy?

People facing financial challenges should carefully evaluate their situation before moving forward with bankruptcy. It may be possible to manage the debts without taking this action. However, if a person is experiencing any of the following, it may be a good idea to speak with a professional to determine whether bankruptcy is the appropriate option:

  • Using credit cards to pay for daily living expenses 
  • Only having the ability to make minimum payments on debts
  • Falling behind on mortgage payments and other debts
  • Creditors are calling to settle debts
  • You don’t qualify for a debt management plan

What are the options when filing for bankruptcy?

There may be several bankruptcy options available depending upon the specifics of the debtor’s situation. However, our Harrisonburg, Virginia bankruptcy lawyer shares that filing Chapter 7 or Chapter 13 are the most common forms of personal bankruptcy filing. 

Chapter 7: offers a full liquidation of non-exempt assets. This is often the most appropriate option for a debtor with significant unsecured debts such as credit card debt or medical bills. However, be aware that the process may entail liquidating any non-exempt property to help cover some of these debts before the slate can be wiped clean. Personal property exemptions in Virginia include wedding and engagement rings, family heirlooms ($5,000), household furnishing ($5,000), clothing ($1,000), etc. Keep in mind that to file for Chapter 7, debtors must qualify by participating in debt counseling and pass a means test to ensure that the debtor has an income that falls below the median range. 

Chapter 13: is often referred to as the “wage earner’s plan” and is the most appropriate option for someone who can repay all or some of their debts once they are restructured. Typically a plan is developed to repay these debts over 3-5 years. This is an alternative option for those who do not qualify for Chapter 7 or would like to have the opportunity to save their homes from foreclosure. 

What is the automatic stay?

Constant calls from creditors can be stressful and overwhelming; the automatic stay allows debtors some time to sort out their finances during the bankruptcy process. Essentially, when a person files for bankruptcy, the automatic stay requires creditors to stop taking action towards collecting debts.

Managing extensive debts that a debtor cannot pay can be challenging to contend with, and it can feel as though there is no end in sight. MartinWren, P.C. wants to assist debtors in understanding the potential options available to them with the assistance of our Harrisonburg bankruptcy lawyer, relief is on the way. 

 

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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