Filing For Chapter 7 Bankruptcy in Virginia Beach Allows for a Fresh Start free of most debts

Does it feel like no matter how hard you fight, you're always struggling to keep your head above water when it comes to your finances? It's sad and scary, but this is slowly becoming the new American way of life for many people. How can you get your life back on track if every dollar you make goes toward food, shelter and those annoying debt collectors?

Filing for Chapter 7 bankruptcy in Virginia Beach may be the answer you've been looking for.

What Is Chapter 7 Bankruptcy? How Does it Work?

Forget any preconceived notions you have about what it means to file for bankruptcy. Bankruptcy is far more common than you'd ever imagine. For many people, it's their opportunity for a fresh financial start.

Chapter 7 bankruptcy in Virginia is designed to get rid of—or "discharge"—most of your debts. A Chapter 7 bankruptcy trustee has the right to gather up your unprotected assets, sell them, and then use that money to pay creditors according to the federal Bankruptcy Code. Don't worry though, you will be allowed to protect virtually all of your property.  After that, most of your remaining debts will be discharged.

One aspect of Chapter 7 bankruptcy that many people love is that once they have filed a petition for bankruptcy, the creditors have to leave them alone. Debt collectors are notified that you've filed for bankruptcy, and they cannot call you to demand payment, proceed with a lawsuit, or garnish your wages. This also includes your house, so if your property was currently under threat of foreclosure, filing for bankruptcy can temporarily stop that.

Once you've received a discharge, it will release you from liability for most debts. There are some exceptions such as debts for alimony (spousal support), child support, taxes, student loans, debts for willful injury by the debtor to another person, and debts for injuries caused by the debtor's drunk driving. Secured creditors may also have the right to seize property after a discharge is granted.

Your Virginia Beach Bankruptcy Attorney

At Hampton Roads Legal Services, we understand the complicated law behind filing for bankruptcy in Virginia. When your belongings are on the line, it's best to let an experienced Virginia Beach bankruptcy attorney handle your case and get you back on track.

Ready to live debt-free? Schedule a free, no-obligation appointment by calling 757-276-6555 today.

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Edrie Pfeiffer
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Edrie Pfeiffer, Bankruptcy & Divorce Attorney