There has always been a stigma tied with the word, “bankruptcy”. Many people consider it a dirty word in the financial world. However, sometimes, bankruptcy may be the only alternative because the ability to pay bills may not be an option. Having a knowledgeable Bankruptcy Attorney in Richmond on your side will bring back restful nights and alleviate the hounding phone calls from creditors. Make an appointment with an attorney to find out if your situation warrants filing bankruptcy, so you can get a fresh start.
It is important to be totally honest about your debt with your attorney, as he is there to help you. When you meet with the attorney on the initial visit, you should bring copies of your creditors’ bills, so your attorney can determine the best path to follow for financial relief for you. There will be many questions you will have to answer and documents you will have to provide your attorney. For instance, there will be a request for pay stubs from your job, tax return copies, all assets that you have in your possession, including your home, car and all furniture, clothing, lawn equipment, and anything else you have of value. In most cases, your assets will remain with you because you will be given a limit of what you can keep if you file a petition for bankruptcy.
An attorney will examine your financial situation and decide whether you should file a chapter 7 or chapter 13 bankruptcy. A chapter 7 erases all debts allowed under the chapter. It doesn’t include school loans or child support/alimony payments. A Chapter 13 reduces your debt considerably to amounts which you can afford to pay back over a period of a few years. After that time, the debt is forgiven. With a simple formula, your attorney will be able to determine which chapter is best for you and begin the proceedings on your behalf.
A Bankruptcy Attorney at Chandler Pecoraro PLC in Richmond will guide you through the entire process of filing, the meeting of the creditors, credit counseling and finally a meeting with the trustee before a final bankruptcy discharge is given. The credit counseling step in the bankruptcy process helps assure the courts that you are learning from your situation and will likely not repeat the debt problems. The bankruptcy laws in Virginia are developed to work with and help you when you get in over your head financially.
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