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Category Archives: Bankruptcy

Does Chapter 7 Require Selling All Your Assets?

One of the biggest fears people have about filing bankruptcy is the notion that they will lose everything when they do. While you should expect to have some property sold to repay debt, you do get to keep certain items. The way you hold on to property is through bankruptcy exemptions. You and your lawyer… Read More »

Chapter 13 Bankruptcy Can Stop Repossession

If you are in danger of having your car repossessed by creditors in Virginia, you might be wondering whether you have any means of stopping the action. If preventing repossession is your goal, Chapter 13 bankruptcy may be the best strategy available. When you file for Chapter 13 bankruptcy, the court issues an automatic stay… Read More »

Which Assets Are Protected from Virginia Creditors?

When you become overwhelmed by financial troubles and begin to consider filing for bankruptcy, it’s natural to be worried about the harassment you might get from your creditors. Will they, for example, attempt to garnish your wages or become overly forceful in the strategies they use to seek payment from you? That’s why it’s so… Read More »

When Does a Debt Management Plan Make Sense?

In certain circumstances, a debt management plan may offer you the best option to dig yourself out of a financial hole. You should seriously consider a debt management plan if: You are unable to pay all of your bills and debts and cannot keep current on your account payments, and You have property or income… Read More »

Can You Continue Running Your Business if You File for Bankruptcy?

One of the most common questions we receive from small business owners about bankruptcy law is whether filing for bankruptcy will prevent them from being able to run their companies moving forward. Although bankruptcy can certainly pose some challenges to business owners, it can also be a process that allows a business to survive and… Read More »

Why Chapter 7 Bankruptcy Usually Is Not Ideal for Business Owners

If you are a business owner looking to file for bankruptcy protection, you might be wondering what bankruptcy chapter you should file under. In most cases, the answer will not be to file for Chapter 7 bankruptcy — unless you’re a certain type of sole proprietor. That’s because filing for Chapter 7 will almost always… Read More »

The Bankruptcy Means Test in Virginia

To file for Chapter 7 bankruptcy, you must pass the means test. This test is used to compare your income in the six-month period before filing to the average income of a comparable household in Virginia. If your income is below the median state income for a comparable household, which was $56,436 in 2017, according… Read More »

How to Rebuild Your Credit After Bankruptcy

Bankruptcy does not just affect the money you have available — it may also damage your credit score. Boosting that score will take some time and discipline, but it is possible. The following are some steps to help you rebuild your credit after bankruptcy: Know where you stand: Review your credit reports to figure out where… Read More »

What Are the Most Common Causes of Bankruptcy?

While bankruptcy filings have declined nationwide since 2015, Virginia’s bankruptcy rate from April 1, 2015 to March 31, 2016 of 269 per 100,000 residents exceeds that of the national average, 224 filings per 100,000 people. While many people mistakenly consider bankruptcy a last resort, the truth is that it offers a safe and legal way… Read More »

The Chapter 7 Bankruptcy Means Test Explained

The means test determines whether you have a sufficiently low income to qualify for Chapter 7 bankruptcy. People who do not pass the test but still wish to file for bankruptcy can opt for Chapter 13 bankruptcy, which requires them to organize debt repayment plans. However, you can still pass the means test if you… Read More »