One of the reasons people avoid filing for bankruptcy is that they have heard they have to get rid of their personal property. The requirement to sell off or liquidate assets can completely eliminate the financial benefits someone might derive from the discharge of...
Roanoke Virginia Bankruptcy Law Blog
What happens after a successful bankruptcy filing?
Bankruptcy can be a lengthy process. Depending on the kind of bankruptcy you file, you may have to wait several years between when you first file your paperwork and when the courts actually finalize your bankruptcy and discharge your debts. The discharge of your...
Chapter 7 or Chapter 13 bankruptcy?
If you are dealing with financial issues, then something you may have considered is going into bankruptcy. Bankruptcy comes in a number of different forms, so the type of bankruptcy you choose may vary depending on the circumstances surrounding your case. The two main...
Can bankruptcy help you deal with a credit wage garnishment?
When someone falls behind on their bills, their creditors may start taking aggressive action. Making collection calls to someone's house, sending them warning letters and reporting missed payments to the credit bureau are all tactics that help companies push people...
When are taxes dischargeable in bankruptcy?
In most cases, there are some debts that cannot be discharged in bankruptcy. Those may include child support obligations, tax obligations and student loans. However, there are cases where people may be able to have their taxes forgiven and discharged in bankruptcy....
What Assets Are Protected in Chapter 7 Bankruptcy?
If you are going through a tough time financially, you may feel like you are in survival mode, constantly trying to work to manage to provide for your family. However, even if you are able to provide your loved ones with the basic necessities, it is likely that you...
Do you really have to take a class on credit to file bankruptcy?
You might have seen your financial issues coming. Perhaps your spouse lost their job and your budget took a blow, forcing you to put staples like utility bills and groceries on credit cards. Doing so was a calculated risk, but it is easy to overextend yourself with...
3 reasons Chapter 7 bankruptcy is better than you think
Roanoke residents who are carrying a weight of consumer debt on their shoulders can find themselves under enormous stress. That same stress can spill over into all areas of their lives. Stress can jeopardize a job and career path and even tank a marriage. But what can...
What happens at a Chapter 13 confirmation hearing?
You may already know that if you file for Chapter 13 bankruptcy, you’ll need to create a debt repayment plan. That plan needs to be filed with the bankruptcy court within 15 days of your bankruptcy petition. Chapter 13 repayment plans are either three or five years,...
Can bankruptcy save my home?
When homeowners fall into debt, they may get into a situation where their mortgage is only one of their many types of debts, and they may struggle to keep up with repayments on this loan as well as others. This is particularly common when a person has unexpectedly...