Posted on 10 27,2016
When an individual makes the decision to file for Chapter 7 bankruptcy, one of the most common concerns is whether he or she will be able to retain possession of certain assets and property. Chapter 7 is known as liquidation bankruptcy. Unless you have a way to protect your home, vehicle and other valuable assets, they could be taken and sold by the bankruptcy trustee to help get your creditors paid.
Posted on 03 14,2015
You may be surprised to learn that in the overwhelming majority of bankruptcy cases filed, the Trustees do not take any assets to sell for creditors. That means that bankruptcy filers are usually able to keep everything that they decide to keep.
Posted on 02 28,2015
If you have fallen behind on your mortgage payments and need some time to get back on track, your first step is usually to communicate with your mortgage company and to find out how they can help you. Your lender may be able to help you get your mortgage caught up, perhaps by offering you a forbearance or a loan modification. You can also get free counseling about your options through the government. Click here for a list of HUD-approved nonprofit housing counselors in Virginia.
Posted on 10 14,2014
If you are overwhelmed by debt and other financial obstacles, bankruptcy may be an effective option for your situation. However, it can be difficult to determine if bankruptcy is truly the best course of action for your case without the counsel of a seasoned and knowledgeable bankruptcy attorney. Like many legal matters, you can technically file for bankruptcy without the representation of a lawyer. But is that really a wise choice? Many people think that they cannot afford to pay for an attorney, especially amidst their current debt. On the contrary, it is often true that you cannot afford to not have a legal representative at your side during this time.
Posted on 04 30,2014
Chapter 7 bankruptcy is a way in which an individual may be able to put an end to creditor harassment, stop wage garnishments and repossession actions, or other legal actions from moving forward, and to get unsecured debt discharged. If you want to file for bankruptcy, hiring an experienced bankruptcy lawyer from the David McCormick Law Group will significantly heighten your chances of obtaining the debt relief you seek. We do not judge people who retain our services as we believe every individual has a right to avail him- or herself of the benefits of bankruptcy.
Posted on 04 21,2014
If you are contemplating bankruptcy as a way to resolve unpaid debt, you may be wondering who will be able to find out you filed. When an individual files for bankruptcy it becomes a matter of public record. A bankruptcy filing will remain on your credit report for up to 10 years after the date of discharge, so any individual or organization who runs your credit will be able to see you filed for bankruptcy. This does not mean all of your friends, family, co-workers and others will ever become aware of your financial situation. It simply means the information is available should someone choose to search for it. In most cases, unless you personally advise others of the fact you filed for bankruptcy, they will never be alerted to or made aware of the fact that you have done so.