Hampton Roads Chapter 13 Bankruptcy Attorney
If you are struggling with debts such as back-owed taxes, mortgage payments or car loans, a Chapter 13 bankruptcy can allow you to set up a more manageable payment plan. Filing for Chapter 13 can protect you from creditor harassment and wage garnishment and may also stop foreclosure. It helps to have someone who will take the time to clearly explain Chapter 13 bankruptcy and help you decide if it is right for you.
The Law Offices of Gary W. Searcy, PLC
757-490-3506 | E-mail
At The Law Offices of Gary W. Searcy, PLC, we have focused on helping Virginia families find debt relief for 26 years. We will take the time necessary to discuss your specific situation and determine if bankruptcy is the right choice for you.
Hampton Bankruptcy Means Test Attorney
You may have heard that the first step in determining if you qualify for Chapter 7 bankruptcy is taking the bankruptcy means test. This is a two-part evaluation which measures your income versus your necessary expenses, and your ability to make regular payments.
Many people do find that they qualify for Chapter 7 after taking the evaluation. If you take it and find that you do not qualify for Chapter 7, then Chapter 13 might be right for you.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy reorganizes your debts: You make partial or full payments according to a repayment plan, and remaining debts are discharged at plan completion, usually in three to five years. If you have a certain amount of stable disposable income after paying for your necessary expenses, Chapter 13 may be your only bankruptcy option.
The repayment plan is the main part of a Chapter 13 case and property exemption laws factor into figuring out repayment plan details.
Here are some common situations behind Chapter 13 cases:
- You have mortgages or loans you want to bring current through the repayment plan, allowing you to keep the property.
- Your debts are ineligible for a Chapter 7 discharge, such as taxes, child support or student loans.
- You are driven to pay off debts by personal values or morals.
This type of bankruptcy strikes a middle ground between you and your creditors. You get some debt relief, and creditors get some payment.
Contact The Law Offices of Gary W. Searcy for a Free Consultation
When you need experienced bankruptcy law representation and a lawyer who will carefully explain all of your options, contact The Law Offices of Gary W. Searcy, PLC, in Virginia Beach, Virginia. Conveniently located just off Interstate 264 approximately one mile from Lynnhaven Mall, our offices are easily accessible and provide ample free parking. If more convenient, our Chesapeake office is located at 501 Independence Parkway, Suite 102. Call us today at 757-490-3506 or e-mail our Virginia bankruptcy lawyer to schedule a free consultation.