Bankruptcy

Prince William County Bankruptcy Lawyer

When determining whether bankruptcy is the right option for you, you might be discouraged due to the negativity surrounding filing for bankruptcy. Maybe you’re afraid you won’t be able to recover your credit history after you file. Here at Manassas Law Group, we know that bankruptcy helps those with insurmountable debt in the long run and can often improve credit scores once your bankruptcy is complete. Your Prince William County, VA bankruptcy attorney will help you understand that it might be a temporary setback regarding your credit, but it will benefit you for years to come. If you’re struggling with the idea of filing for bankruptcy and living in Prince William County, our attorneys are here for you. Our law office is local, and you’ll be working with a skilled bankruptcy lawyer that will help you through the entire process.

Why Should I File for Bankruptcy?

If you’re buried in debt, declaring bankruptcy may be right for you. Sometimes all it takes is an unexpected emergency to put you behind on paying your medical debt, mortgage, credit cards, and other bills. While bankruptcy is often thought of negatively, it has many benefits for those trying to get their debt under control and offers a fresh start. One of our bankruptcy attorneys will walk you through the entire bankruptcy process so that you understand the benefits of filing. Call the Manassas Law Group today to schedule a free consultation to discuss which bankruptcy filing is right for you.

Chapters of Bankruptcy Relief We Handle

Making the decision to file for bankruptcy is always challenging. When you file, a qualified Manassas bankruptcy attorney from our firm will be with you throughout the entire process. We will evaluate your situation and determine which type of bankruptcy relief would work best for you. We’ll look at your total debt, type of debt, sources of income, and important property. Listed below are two different types of bankruptcy filings that we handle at the Manassas Law Group in Prince William County.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the best option for people who cannot pay monthly debt payments. In order to begin filing, you must make below the median income for a family of your size in the state you are filing in. If your income is below the median income for your state, you will be able to proceed with your filing. If your income is too high, you will be subjected to a means test. During the examination, a trustee will evaluate your income and necessary expenses like rent/mortgage payments, food, clothing, and medical bills. If you pass, you can file despite whether your income is higher than the state’s median.

Once you’ve been approved, you will be under bankruptcy protection, which protects all of your assets until the bankruptcy is over. You will receive a court-appointed trustee that will oversee the entire bankruptcy process. They will evaluate your personal assets and determine what property will be exempt and non-exempt from the liquidation process. Often, petitioners are able to keep their home, car, and personal belongings, but this can vary state-to-state. Any property that is not necessary to maintain the basic standards of living will be considered non-exempt.

The trustee will take this property, liquidate it, and, in turn, give the money to the creditors. After the debts have been paid, you will receive a discharge of debt, releasing you from any liability for payment. The only exceptions to the discharge of debts are some government debts, income taxes, federal student loans, alimony, and child support. Once your debts have been discharged, your creditors will no longer be able to explore further restitution. This filing will remain on your credit report for ten years from the filing date.

Contact one of our bankruptcy lawyers at the Manassas Law Group today to determine whether this filing is right for you.

Chapter 13 Bankruptcy

If your Chapter 7 filing was dismissed because your income was too high, you might be eligible for a Chapter 13 bankruptcy filing. Other qualifications for filing under Chapter 13 are that you have a steady income, have not filed Chapter 13 in two years or Chapter 7 in four years, you’re current on your tax filings, your unsecured debt is more than $415,000, and your secured debt is less than $1,257,850. Chapter 13 is also known as the Wage Earners’ Bankruptcy due to petitioners making above the median income.

Those who file have fallen behind and need debt relief for medical bills, credit card debt, and more may benefit from this chapter of bankruptcy. Individuals filing under Chapter 13 in Virginia can pay all or part of their debts over three to five years. After filing, your creditors will receive notification about your bankruptcy filing and cease asking you for payments. You will also receive bankruptcy protection to protect your assets throughout the entire process. You will work with your court-appointed trustee to create a repayment plan requiring a judge’s approval. You must make your payments on time, as this could result in your bankruptcy filing being dismissed.

Often, you will be able to reschedule secured debts like your mortgage, which can result in lower payments. Another benefit of filing under Chapter 13 is that you can work on paying your mortgage while getting rid of unsecured debts like credit cards. If you cannot make a payment, you must notify your trustee to see if modifying your payments is an option. On the other hand, if you can pay off your debts early, your agreement could be discharged sooner. Once complete, your filing will remain on your credit report for seven years. Your credit should improve during this time as long as you avoid any debt along the way. Call the Prince William County bankruptcy attorneys today at the Manassas Law Group to see if a bankruptcy filing can offer you debt relief.

How a Prince William County Bankruptcy Attorney Can Help

If you live in Prince William County and are considering filing for bankruptcy, the attorneys at the Manassas Law Group can help. Our law firm is local, so you know that you can talk to a real person at any time regarding your bankruptcy questions. Once you decide to file, your qualified bankruptcy attorney will be with you every step of the way. Our law firm helps clients file for bankruptcy relief under the Bankruptcy Code, the source of bankruptcy as per the United States Bankruptcy Court. Our goal is to protect your home and other assets so that you can recover from your debt and have a fresh start once the bankruptcy has been completed.

Arrange Your Confidential Bankruptcy Consultation With the Manassas Law Group Today

At the Manassas Law Group, our Prince William County bankruptcy attorneys have been offering our legal services to those considering bankruptcy for decades in Prince William County and the surrounding areas of northern Virginia. When dealing with a complicated issue such as bankruptcy law, you want a team of experienced lawyers to be with you throughout the entire process. Contact the Manassas Law Group at 703-361-8246 for a free consultation if you’re considering bankruptcy. Let’s get you on the road to debt relief today.