BANKRUPTCY

Chapter 7 bankruptcy is a form of liquidation which is the most common form of consumer bankruptcy. Often times, it is the best bankruptcy option for consumers with a relatively small amount of debt, as well as those who don't have much valuable property. At Virginia Bankruptcy Center our attorneys are equipped to answer any and all questions you may have about Chapter 7 bankruptcy.

In the end, what a bankruptcy should be targeted towards is a fresh start for the debtor. The focus of Chapter 7 bankruptcy is to discharge the debtor's debt, eliminating the personal liability on as much debt as possible. It is important to remember that while Chapter 7 liquidation usually results in a complete discharge of debts, it is not an absolute rule and some types of debts are not discharged. To get excellent answers to your Chapter 7 bankruptcy questions, contact Virginia Bankruptcy Center today.

Chapter 7 liquidation bankruptcy usually takes about four from start to finish.

At Virginia Bankruptcy Center our bankruptcy attorneys are dedicated to your best interests. After sitting down with us for your initial consultation, we will assess your total situation, gather as much information as possible and help you make an educated decision on your financial future.

After filing for Chapter 7 bankruptcy, you will be put into "automatic stay," which immediately stops your creditors from trying to collect on your debts. This temporarily prevents creditors, to whom you owe secured debt, from going after your car, house or other property. The automatic stay will cease most legal proceedings from happening and will end collection efforts.

In essence, once you file your bankruptcy case, most of your financial problems are over.

Choosing a qualified bankruptcy attorney is possibly the most important part of your bankruptcy case. Filing for Chapter 7 liquidation can be complicated, but with a bankruptcy attorney at your side, you can successfully go through the bankruptcy process and get your debt problems under control.

Those who are faced with the overwhelming fact that their debts have grown to such a large amount that they might have to file for bankruptcy might not have a clue about how to go about this course. The first and foremost step to take is to put your bankrupt status on paper by filing for bankruptcy through the bankruptcy court.

But how exactly does one go about it?

First of all, you should keep in mind that filing for bankruptcy is a legal process. For this reason, and for your own financial wellbeing, each decision that you make about bankruptcy should be well informed choices. That is to say, is this process something you want to take up on your own, or do you want a professional to help you? It is possible to file for bankruptcy on your own; however, it is a process that would take a lot of patience and diligence.

If you decide that you want to file for bankruptcy on your own, the first decision you have to make is which kind of bankruptcy you should file for: Chapter 7 or Chapter 13? Once again, these decisions cannot be made fast. So it would be a good idea to visit your local library and talk to a few people who might know more technical information about filing for bankruptcy.

GET HELP WITH YOUR BANKRUPTCY FILING

On the other hand, it might be a safer option to get in touch with a bankruptcy attorney who can guide you through the complicated procedure of filing for bankruptcy. You will have to provide your bankruptcy attorney with all of your personal information in order to put together and file your voluntary petition. Once the documents are filed at the bankruptcy court, you will be assigned a trustee who will see to it that all the information that is needed is collected from you and that all the information provided is accurate. The next step would be to notify your creditors that you will be filing for bankruptcy so that they will have to stop all actions they might be taking up against you to get your payments.

The later procedures include meeting the various parties who are involved in your bankruptcy case, together with your creditors and if possible your creditors' attorneys.

While all this is going on, also keep in mind that filing for bankruptcy is a long process which will require a lot of patience. For this reason, having an experienced attorney might make sure that everything runs smoothly.

At Virginia Bankruptcy Center our bankruptcy attorneys are highly qualified in all bankruptcy matters and well versed in the United States Bankruptcy Code. If you are considering bankruptcy, you need a bankruptcy law firm you can trust, one that will competently guide you through the bankruptcy process.

Chapter 13 bankruptcy, sometimes known as a "Wage Earner Plan," is a way for consumers/debtors to undergo a financial reorganization which is supervised by the bankruptcy court. While Chapter 7 offers an immediate relief to secured and unsecured debt, Chapter 13 is more of a rehabilitation program.

Under Chapter 13 bankruptcy, the consumer will be able to hold on to all of their property if they can repay their creditors over a three to five year period. The bankruptcy attorneys at Virginia Bankruptcy Center can walk you through Chapter 13 bankruptcy effectively and efficiently.

Filing bankruptcy means providing us with the information and documentation. You must do or provide the following to us to prepare your petition:

• Complete a Workbook provided to you.
• Tax Returns for the last two years
• Paystubs and/or Proof of Income for the last six months
• All Bank and Financial Account Statements for the last six months
• Credit Report (to be ordered by this office)
• Complete a Credit Counseling Course
• Photo ID and Social Security Card