Walk Away From Debts or Repay Them Over Time
There are many circumstances that may lead to financial difficulties, including a job layoff, a health crisis or possibly even a divorce. If you have maxed out your credit cards or borrowed to pay the mortgage or put food on the table, know that there is help.
Through bankruptcy, you have a second chance. The experienced lawyers of Wade, Friedman & Sutter, P.C. have helped hundreds of people like you get a fresh start and protect their hard-earned assets. Wade, Friedman & Sutter, P.C. serves clients throughout Alexandria, Arlington County, Fairfax County, Loudoun County and Prince William County, and Northern Virginia. Call 703-836-9030 to schedule a free consultation to discuss bankruptcy.
Eliminating Debts in Chapter 7 Bankruptcy
Chapter 7 is debt forgiveness. Unsecured debts, such as credit card balances, medical bills and judgments, are wiped clean. In exchange, non-exempt assets are surrendered to pay debts. However, under the Virginia bankruptcy exemptions, most of our clients lose nothing at all.
In Chapter 7 bankruptcy secured debts (mortgage, car loans) cannot be discharged. Also, child support, student loans, criminal judgments and most taxes cannot be discharged through Chapter 7 bankruptcy. However, after bankruptcy, more money will be available to pay these obligations after wiping out the other debts.
Chapter 13 Repayment Plans
If you make too much money and do not qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy may be available to you. Chapter 13 also may be necessary if you are behind on your mortgage or would forfeit substantial property through Chapter 7 bankruptcy.
In Chapter 13, some or all of the debts are repaid over time. A fixed monthly payment is made to a bankruptcy trustee, based upon ability to pay after other expenses. At the end of the repayment plan, the remaining debt is forgiven.
The Immediate Benefits of Filing for Bankruptcy
After Chapter 7 or Chapter 13 bankruptcy is filed:
- Foreclosure, repossession and wage garnishment are put on hold.
- Creditors can no longer threaten you or even call you.
- Assets are protected from lawsuits and liens.
Is Bankruptcy the Right Solution?
The knowledgeable attorneys of Wade, Friedman & Sutter, P.C. will examine your assets, income, debts and expenses to determine what may be best for your specific circumstances. We will help you explore all available options, including alternatives to bankruptcy. We will help you understand what debts are dischargeable, what assets can be kept, and give honest answers to all questions and concerns.
Contact us today to schedule a free initial consultation.
The Law Offices of Wade, Friedman & Sutter, P.C. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
