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Bankruptcy in Virginia

People who are working but who are unable to meet their monthly financial obligations may qualify for relief by filing for Chapter 13 bankruptcy. The procedure is meant to assist wage earners with a legal solution that is designed to help them repay part or all of their debt by creating a payment plan for the debtor that is affordable and feasible.

Eligibility for the program is determined by calculating the person's debt to income ratio and comparing his or her monthly income with state-defined parameters. The amount of an individual's earnings are key in deciding if he or she will be placed on a three-year or five-year repayment plan. Before bankruptcy proceedings begin, debtors must prove that they have sought credit counseling from an approved agency within 180 days prior to filing.

Chapter 13 bankruptcy is a beneficial solution for many people because it often helps them save their homes by forestalling foreclosure procedures while they are able to catch up on their mortgage installments. The procedure also protects co-signers and helps people who have secured loans so that they may be able to hold on to their property. During the court-designated payment period, creditors are forbidden to start collection efforts against the client. Some people may qualify for a hardship discharge if circumstances beyond their control keep them from completing he agreement.

Individuals who are struggling with bills that they are unable to pay due to catastrophic illness, an overextension of credit or unexpected expenses may be able to find out about bankruptcy and other debt relief alternatives by seeking the assistance of a lawyer. An attorney who handles bankruptcy cases may be able to determine a client's eligibility and begin legal proceedings in order to halt the collection efforts of creditors.

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Bowen Ten Cardani, PC

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