Richmond Bankruptcy Lawyers
Seeking debt relief in Norfolk or Richmond? Call Throop Law!
When you are suffering from crippling debt, it is easy to get overwhelmed. The calls from bill collectors, constant opening of past-due notices, and even loss of certain services due to the inability to pay can be a frustrating and emotionally strenuous experience. Many people in this situation may be able to seek financial relief by declaring bankruptcy.
At Throop Law, we recognize that many people fall into financial dire straits by accident and not through irresponsibility or poor money management. People can fall into serious debt through a streak of bad luck, such as a natural disaster, a serious sickness, or any other unexpected major expense.
For this reason, we encourage everyone to speak to our Richmond & Norfolk bankruptcy attorneys as soon as possible. We treat each client with respect and handle their issues with the utmost discretion and sensitivity. We wish to help all clients start rebuilding their credit and get their lives back on track.
Take the first steps toward financial freedom; contact Throop Law today at (804) 215-1515 to learn more about bankruptcy and find out if it’s the right option for you.
What type of bankruptcy is right for me?
At Throop Law, we offer guidance and assistance with declarations of Chapter 7 and Chapter 13 bankruptcy. Declaring bankruptcy can be a great option for many – however, you must meet certain requirements in order to be eligible.
Chapter 7 Bankruptcy
In short, Chapter 7 bankruptcy allows people to discharge most of their debt. While this may cost you some of your luxury possessions and impact your credit rating, there are numerous benefits.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows people to establish a repayment plan. This type of bankruptcy is the best option for those who have a steady income that allows them to pay down their debt over time without losing their property.
Is It Better to File for Bankruptcy Before or After Your Home Is Foreclosed?
The possibility of losing everything is devastating. When you're facing a mountain of debt, where do you turn to for answers to questions like "Will I lose my home"? If you're facing the possibility of a foreclosed mortgage and bankruptcy looks like your only way out, knowing when in the process to file can make a world of difference in your outcome.
What Are Your Debt Relief Options?
Individuals and married couples have two options for debt resolution: Chapter 7 and Chapter 13.
Chapter 7 allows you to wipe out most of your debts and get a fresh start. Each person is allowed:
- A $5,000 personal exemption
- Plus $500 for each dependent
That means a married couple with two kids is allowed a total of $11,000 in personal asset exemptions. Any assets over that amount may be ordered sold by the judge to apply toward outstanding debt; however, that doesn't always apply to the primary residence.
Chapter 13 debtors enter into an agreement with their creditors to repay all or part of their outstanding debt. The repayment terms are for 3 - 5 years, and you should bring a proposal for your repayment schedule with you to your court hearing, which a bankruptcy attorney can help you prepare. If approved by the judge and carried out as promised, your remaining debt balance will be discharged at the end of the repayment period.
Can Your Home Be Saved by Debt Relief?
The ability to keep your home when you file for debt relief depends on a few factors. Whenever possible, file for bankruptcy before your home is in foreclosure.
When you file to have your debts legally discharged, it freezes any actions from creditors toward debt collection, beginning from the day you file. Then, there are several possible exceptions that may apply to help you keep your home.
What is the Virginia Exemption?
In Virginia, an exemption is allowed for the equity from personal property that's secured by a loan. Equity is the amount left when you subtract the outstanding loan amount from the value of the property.
Married couples are each allowed an exemption, and any federal exemptions on property are also added to the amount. If payments can be brought current and the exemption applied, you will likely be able to keep your home.
When you're looking for debt relief in Richmond, Throop Law can show you the way.
Wondering if bankruptcy is right for you? Contact Throop Law today to learn more about bankruptcy and discuss your options further.