Chesapeake Chapter 13 Bankruptcy Attorney
Chapter 7 bankruptcy is not for everyone. If you have significant debts but also significant assets you need to protect, Chapter 13 bankruptcy may be the best option for you.
My name is Kenneth A. Moreno, a bankruptcy attorney in Chesapeake, Virginia. If you are wondering which form of bankruptcy protection is best for you, call me at 757-828-4890 for a free initial consultation.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is like a debt repayment plan that offers you the full protection of U.S. bankruptcy laws.
If you are dealing with more debts than you can pay, filing Chapter 13 bankruptcy protects you from creditor actions such as repossessions and foreclosure. As your lawyer, I will then help you create a realistic budget so that you can pay only what you can afford towards your debts over a three- to five-year period.
Certain types of debts, such as taxes, mortgage arrearages, and past due child support, must be paid in full. However, they are paid before all other debts which means less money for the unsecured creditors such as credit card bills, hospital bills and payday loans. You may have to pay back only a small fraction of what you owe.
Why Would I File Chapter 13 Bankruptcy Instead Of Chapter 7 Bankruptcy?
Some people file Chapter 13 bankruptcy because their earnings are too high to be eligible for Chapter 7 bankruptcy. Other reasons to file Chapter 13 bankruptcy include:
- You have more equity in your home than you can protect in a Chapter 7 bankruptcy filing.
- You have assets you would lose in Chapter 7 bankruptcy, such as a motorcycle, vacation home or valuable collectibles.
- You have debts that are not dischargeable, such as child support payments.
- You want to strip a second mortgage from your home.
During your initial consultation, I will review your debts and your assets and help you determine if Chapter 13 bankruptcy is the best form of bankruptcy protection for you.
For Help With Filing Chapter 13 Bankruptcy In Virginia
Take control of your financial life. Call for a free bankruptcy report.