Chapter 7
Your Chapter 7 bankruptcy lawyer should thoroughly familiarize you with your options so you feel comfortable with whatever decision you make. The choice to file personal bankruptcy is often very difficult. Lee Legal will make the process as easy as possible and advance your case expeditiously.
Chapter 7 bankruptcy may be a good option if you have limited income and assets in comparison to your debts. In a Chapter 7 bankruptcy, you will not have to repay your debts. Instead, all of your eligible debts are “discharged” and you get a fresh start. Chapter 7 allows you to:
• Stop garnishment, stop a lawsuit, or stop repossession
• Eliminate your unsecured debts, including:
• Credit cards, charge cards, and department store cards
• Medical bills, including insurance overpayments
• Court judgments
• Personal loans and payday loans
• Foreclosure and repossession deficiencies
• Overdrawn bank accounts
• Reject any unwanted mortgage, HELOC, lease, or auto loan
• Cease all harassment and collection efforts, including phone calls
Filing a Chapter 7 in Virginia or D.C. is a complex process, and the bankruptcy laws and local rules are constantly changing. You should hire an attorney who is thoroughly familiar with the Chapter 7 process and timeline.
To qualify for Chapter 7, you must pass the Chapter 7 Means Test, which will determine, based on your household size, whether your income is less than or equal to the median income of your jurisdiction. If you do not qualify for Chapter 7, you may want to consider Chapter 13 reorganization.
In your bankruptcy filing, you must list all of your debts and all of your assets. We will use the Virginia bankruptcy exemptions, D.C. bankruptcy exemptions, or federal bankruptcy exemptions to protect your property from liquidation by the Chapter 7 trustee assigned to your case. Asset protection is a difficult but very important aspect of Chapter 7.
Some common reasons for filing for Chapter 7 bankruptcy protection are: unemployment, underemployment, or other loss of income, including divorce; a chronic or catastrophic medical condition; and identity theft. You may simply have gotten behind on your bills and then couldn’t get caught up. The stress of not being able to pay your bills can have adverse repercussions on your relationships and health. Sometimes, the best solution is to walk away from your creditors and get a fresh start.
If you have missed payments on a debt, you know that collection agents are annoying, persistent, and rude. Filing Chapter 7 is a quick and easy way to stop the calls and take your life back from the collection agencies.
Lee Legal will also help you rebuild your credit and credit score once you receive your Chapter 7 discharge. Our goal is to make the Chapter 7 process as easy and painless as possible, and getting your credit score to above average is a legitimate reason to file Chapter 7.
The truth is that bad things sometimes happen to good people. Quickly and easily eliminating your debt is often the smartest choice you can make, and it is also the first step to building a solid credit rating.
The highly skilled Chapter 7 attorneys at Lee Legal will treat you with respect and make the process as stress-free as possible.
Get your bankruptcy questions answered by calling our office. If you are considering filing Chapter 7 bankruptcy in Virginia, call (703) 879-2870 or call (202) 448-5136 to file Chapter 7 in Washington, D.C. Every client of Lee Legal gets a free consultation. Imagine a debt-free life!