square What is bankruptcy? Chapter 7, Chapter 13, Virginia Beach
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Chapter 7

The power of a Chapter 7 bankruptcy is the permanent elimination of unsecured debt. As with the Chapter 13, it also has the powerful ability to immediately stop legal actions such as repossessions, foreclosures, lawsuits, garnishments and liens. Qualified debt will be eliminated forever. There are several categories of debt that are not eliminated by Chapter 7 such as child support obligations, student loans, criminal restitution, and some taxes. To determine the advantages and disadvantages of a Chapter 7 for you schedule a free consultation with one of our attorneys.

Chapter 13

Chapter 13 allows a “wage earner” or working individual to set up a court-supervised plan to repay debt. Most commonly used to halt a foreclosure and repay missed mortgage payments while also restructuring other debt, Chapter 13 is a powerful tool in helping financially distressed individual keep their home and recover from financial setbacks. The Chapter 13 plan also has the ability to extend the time of repayment of debt and is general structured over a three to five year period.

What Is Bankruptcy? A Path To A Brighter Tomorrow.

You now understand the two types bankruptcy.  However, the answer to “What is bankruptcy?” is more complicated then most attorneys would explain.  Bankruptcy is a path to financial recovery, which if done properly, can turn paupers into millionaires, save marriages stressed by debt, provide better educational opportunities for your children, and save lives.  Yes, financial stress and poor credit can make us poor for life, ruin our marriage, rob our children of a better education and cut should our life.  Don’t approach bankruptcy from just the stand point of eliminating debt.  Find an attorney that will talk to you about recovering the life you deserve.  Recovery is the goal.  Start the journey to a brighter tomorrow … today.

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Bankruptcy Q & A

I heard you can’t file bankruptcy any longer to get rid of debt. Instead, you have to pay everyone back.

No, this is not correct.  In 2005, there were some significant changes to the bankruptcy laws.  However, most of these changes only effected individuals in high income brackets.  You can still eliminate your unsecured debt through Chapter 7.

My friend told me that even if I file bankruptcy I will still have to pay the debt back in the future. Is this true?

No.  This is not true.  Some debts such as student loans, fines, some taxes are not eliminated by bankruptcy.  However, unsecured debt is permanently eliminated in Chapter 7 and in some case Chapter 13.  Talk to your attorney about any concerns to insure your debt will be eliminated.

My mother said that someone will come from the court to sell our furniture and belongs. Will I lose everything?

No.  This is not accurate.  A good attorney will be able to properly protect all of your property.  In some cases, where you have value or equity that can not be protected your attorney can help you resolve this and/or discuss other options.

Does it matter which attorney I choose to file bankruptcy with?

It can.  Most attorneys who practice bankruptcy have specialized in the field for a number of years.  During your consultation ask the attorney how many years they have practiced bankruptcy.

Famous Bankruptcy Filers

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 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 .