Serving Central Virginia including Louisa, Orange, Spotsylvania, Fredericksburg, Caroline, Culpeper, Greene, Madison, Fluvanna, Goochland, Albemarle, Charlottesville, Hanover, Stafford
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the most common form or bankruptcy filing. The purpose of a chapter 7 case is to eliminate (“discharge”) your existing debts. There are exceptions, for example, certain income taxes and property taxes, student loans, child support and court order divorced obligations cannot be eliminated in a Chapter 7. Also, if a creditor can prove that a debt arose from fraud, the bankruptcy court may except this debt from being discharged.
Individuals and families whose income are above the median income in the state are subject to the “means test,” which is a formula the government uses to determine if someone makes too much money to file a chapter 7 case. Frequently, these debtors will file a chapter 13 bankruptcy, where they repay some portion or sometimes all of their debt over a three to five year time period.
Most people who file chapter 7 will get to keep everything they own because their assets are deemed “exempt,” which means their assets cannot be taken and sold to pay off creditors. A bankruptcy trustee acting for the court can take non-exempt assets and sell them for the benefit of the debtor’s creditors.
Call us today to get a free consultation about whether a chapter 7 bankruptcy or a chapter 13 bankruptcy is the right course of action for you.
Why Should You Choose Steven Shareff?
Over 25 years of experience in representing bankruptcy clients, affordable fees, and personal attention and care is what separates Steven Shareff from other bankruptcy firms.
- Free Initial Consultation
- Evening Hours
- Weekend Hours
- Hours by Appointment
- 25 Years Experience
- Affordable Legal Care
- Stop Lawsuits, Garnishments
- Stop Foreclosure
- Simple Flat Fee
- You Will Speak To an Attorney Right Away.
- Virginia State Bar
- NACBA Member
The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute an attorney-client relationship.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.