Northern Virginia Chapter 7 Bankruptcy Attorney
Chapter 7 bankruptcy allows you to fully eliminate many of your unsecured debts by selling off (liquidating) assets. It is a way for you and your family to be virtually debt-free within the span of only a few months.
There are eligibility requirements based on income and you will be asked to pass a "means test" to qualify. This test measures your ability to pay back your creditors and generally only families with below median incomes may qualify for a Chapter 7 bankruptcy.
Asset Liquidation and Chapter 7
To hear that your assets will be liquidated can be an intimidating prospect. It sometimes leaves people with the impression that to discharge their debts they must sacrifice everything and be left with no home, no car, no retirement and no future. While Chapter 7 bankruptcy can have a dramatic impact, it is not designed to leave you without the resources you need to move forward.
What assets you will be able to keep is going to vary from person to person. For some people, it will make sense to keep your home. Chapter 7 may even allow you to avoid foreclosure.
What's important to know about Chapter 7 is:
- It will put an immediate end to collections
- It can eliminate much of your unsecured debt, such as credit card debt or medical bills
- You may have options for keeping certain key assets like your home
- Most retirement accounts such as a 401k or 529 college savings plans are exempt
- The process is relatively quick and can leave you debt free in as little as 3 months
Along with our Chapter 13 service, the personal bankruptcy division of Pesner Kawamoto Conway, PLC, has the resources, commitment to client service and knowledgeable lawyers you need to make the right decisions. We will help you build a personalized strategy toward a better tomorrow.
Schedule a Consultation With Our Professionals
To find out if you are eligible to pursue bankruptcy protection under Chapter 7 or to find out more about how bankruptcy can work for your needs, contact our office and schedule a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
