2013,10


      WHAT PROPERTY IS EXEMPT OR PROTECTED WHEN FILING BANKRUPTCY IN VIRGINIA?

      Posted on 10,19,2013
      WHAT PROPERTY IS EXEMPT OR PROTECTED WHEN FILING BANKRUPTCY IN VIRGINIA?

      For many people, one of their biggest concerns when filing bankruptcy is whether or not they will be able to keep their home, car or other material possessions. This fear of losing everything is what deters many people from filing at all, even when it could be a tremendous benefit to them financially. Under Virginia State bankruptcy law, there are certain exemptions that you can claim that can allow you to keep certain property and possessions without having them used as repayment for creditors.

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      What is the Fair Debt Collection Practices Act (FDCPA)?

      Posted on 10,12,2013

      The Fair Debt Collection Practices Act (FDCPA) was enacted in 1977, as part of the Consumer Credit Protection Act, to help protect consumers against the deceptive, unethical, and abusive collection efforts being made by collection agencies trying to collect on unpaid debts. The FDCPA provides clear and concise regulations which debt collectors must adhere to when contacting consumers about their delinquent accounts and outstanding debt.

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      WHICH OF MY DEBTS CAN BE DISCHARGED BY BANKRUPTCY?

      Posted on 10,09,2013

      One of the most common myths about bankruptcy is that you will be able to discharge all of your outstanding debt by filing for bankruptcy protection. That is not true. What is true, however, is that if you qualify for Chapter 7 bankruptcy you will be able to discharge your unsecured debt such as any credit card debts, medical bills, utility bills, certain tax bills, certain accounts that have been sold to collection agencies, personal loans, and more. Secured debts, most student loans, court-ordered child support or alimony payments and specific taxes are not eligible for discharge. In cases where an individual does not qualify for Chapter 7 bankruptcy and must seek protection by filing for Chapter 13 bankruptcy, each of the individual's debts will be restructured so as to get them paid off within a 3-5 year time period. This may involve some debts being renegotiated to allow the debtor to pay only a portion of the debt before it is considered fully resolved.

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