Chapter 13 Bankruptcy in Virginia

Filing bankruptcy is never an easy decision, especially since it is usually preceded by months or even years of financial problems and feelings of insecurity.  Deciding which type of bankruptcy to file may also seem like a daunting task, as there are many varieties to choose from.

Chapter 13 is a common type of bankruptcy in Virginia, as it is a flexible process and provides debtors some protection of assets. 

Advantages of a Chapter 13 bankruptcy

With the guidance of an experienced attorney, Chapter 13 could be a beneficial choice for you and your loved ones.  Some of the advantages of a Chapter 13 bankruptcy include the following:

• You can retain both exempt and non-exempt property.
• Working with a lawyer and the court system, you design a plan in which you repay debt over the course of up to five years.  The process is not as hurried as Chapter 7.
• Under Chapter 13, the debtor is protected from home foreclosure and collection efforts.
• A repayment plan under Chapter 13 can lower any debts that were not forgiven under Chapter 7.
• You can file for Chapter 13 as many times as you want.

Chapter 13 also has disadvantages.  The debt is paid in installments, but you are still responsible for paying it.  Chapter 13 is also more complicated and therefore more expensive than Chapter 7. 

It is always best to discuss the benefits of a Chapter 13 bankruptcy with a qualified attorney before making any decisions.  At the Virginia Beach law firm of Joynes & Gaidies, our lawyers will give you the expertise and personal attention that you need to regain financial security.  Whether you are filing a Chapter 13 bankruptcy in Chesapeake or Hampton, we are here to clarify bankruptcy law and how it applies to your financial situation.

Serving clients throughout the Tidewater Virginia area

From offices in Hampton and Virginia Beach, VA, the attorneys of Joynes & Gaidies serve the needs of clients in the Tidewater Virginia area:

If you are struggling with debt and considering bankruptcy, call us today at 1-866-943-8612, or contact us online for a free consultation about your financial situation so we can begin to help you.