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A bankruptcy lawyer is a type of lawyer who specializes in helping individuals and businesses facing financial difficulties. They can help with filing for bankruptcy, negotiating with creditors, restructuring debt, and other related matters. They also provide advice on how to avoid bankruptcy and achieve financial stability.
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How to Maintain Your House Following a Chapter 7 Filing What would happen if you didn't have enough money to pay off your debts through Chapter 13 but didn't want to risk losing your home through Chapter 7? Virginia is an experienced Chapter 7 lawyers near me and has dealt with situations like these before. Sris admits that in certain Chapter 7 cases, foreclosure may happen, but he claims that this isn't always the case. In actuality, there are several circumstances when submitting a Chapter 7 bankruptcy petition can let you keep your home. Unfortunately, homeowners throughout the nation are struggling to keep up with their mortgage payments in the current unstable economic environment and avoid falling victim to a very typical national trend: foreclosure. Of course, for those who can at least handle the majority of their other monthly costs, preventing foreclosure can be difficult enough; but what about people who are unable to pay off any of their debts because of unemployment or other awful circumstances? When a person either has no income or not enough money to cover his needs, bankruptcy protection is sometimes suggested. Chapters 13 and 7 both When filing for bankruptcy, Chapter 13, which is just a restructuring of personal debts, is always the first option. When filing chapter 7 bankruptcy in virginia, a personal debtor is required to create a repayment strategy for his creditors over a predetermined time frame. A Chapter 7 petition, in contrast, is more comparable to a personal liquidation. By having all of their debts erased, Chapter 7 filers effectively get a fresh start.
There are precise income standards that must be satisfied in order to use Chapter 7, so not everyone who desires to file for bankruptcy will be able to. For one very crucial reason, though, many individuals would want to avoid filing for Chapter 7: they don't want to lose their homes. Financially speaking, Chapter 7 bankruptcy undoubtedly offers a fresh start, but what if that's not what you're after? How to Take Care of Your House In my experience, if your home's current market value does not exceed the amount of the mortgage outstanding against it, you might be allowed to keep it while filing for Chapter 7 bankruptcy. You must provide a trustee power over all of your non-exempt property, which may include your home, if you petition for Chapter 7 protection. In order to pay off your creditors as much as possible, the trustee will sell it. If your trustee doesn't think he can make money selling your home, he may allow you to retain it and try to start making payments. To avoid foreclosure, you'll need to find a way to make your mortgage payments on time, but if some of your other overdue expenses are settled, it could be possible to do so. It appears that this does not apply to homeowners whose homes are actually worth more than their mortgages. But unhappily, it is the way the process works. However, even if your home is worth more than the mortgage, you might be able to declare bankruptcy under Chapter 7 and keep your property. If you apply for Chapter 7 protection and are current on your mortgage payments, you might be allowed to keep your home despite your terrible financial situation. Remember that even if your mortgage payments are current, you may still have several other debts to pay and a little income, making Chapter 7 bankruptcy your only real alternative. Last but not least, keep in mind that even if you might be able to keep your home under a Chapter 7 filing, you might want to think about filing for Chapter 13 instead if you can come up with a repayment plan and need to keep your home more urgently than anything else. Regardless of the bankruptcy approach you finally go for, be careful to select an experienced lawyer who can guide you through the process.
Contact us right away for a Free Consultation Regarding Your Bankruptcy. Filing for bankruptcy doesn't have to be a challenging process. In Virginia, Sris Law helps people who need Chapter 7 bankruptcy relief who are both private individuals and small company owners. Call us at 888-437-7747 right now to find out more about how long it takes to finish a Chapter 7 bankruptcy lawyer case and when you may expect advantages from filing.
