Trying to overcome a heavy debt can be quite challenging in Virginia especially if you are going through a financial crisis. The repeated calls from the creditors are stressful. Fortunately, there are options available like filing a Chapter 7 bankruptcy that can help in rebuilding your finances.
Seeking professional help from any of the reputed Chapter 7 bankruptcy law firms is a good decision. The John W. Lee, P.C. Law Firm in Virginia has a team of six attorneys who take care of cases especially related to bankruptcy. They will help you understand the benefits of filing Chapter 7 bankruptcy and whether it is the right choice for you. They help clients every day and offer them solutions for how to overcome their debt.
Let’s have a look at the benefits of Chapter 7 bankruptcy.
Your Debt Is Forgiven
One of the major advantages of filing Chapter 7 in Virginia is that it makes you free from most of your debts.
- When you file for Chapter 7, there’s no obligation that you need to repay qualifying debts.
- You get rid of debts like personal loans, credit cards, and other unsecured debts.
- You don’t need to sell off all your possessions.
- The list of exempted items includes your home, vehicle, personal household items, and goods.
Relief from Creditor’s Calls
Receiving calls from creditors for their payments if you are behind your payments is something everybody wants to avoid. Filing a Chapter 7 in Virginia gives you the privilege of getting rid of such harassing and frustrating calls from creditors. The court issues a stay on the creditors, which forces them to:
- Stop calling, writing, or contacting you in any manner
- Trying to reclaim your property
- Stop foreclosing on your property
- Trying to garnish your income or charge your bank accounts
A Fresh Start Financially
Bankruptcy indeed remains on your credit scores for many years, but its effect decreases with time. Your credit score improves.
- Since you are free from paying any debts, you can use your money for your family.
- This gives a chance to show your creditors that you can handle your credits responsibly.
However, you still have secured debt that was not under bankruptcy. Hence, you may still have to pay these debts to secure your property.
Contact a knowledgeable Virginia bankruptcy attorney who can help evaluate your situation, develop a plan to resolve your debt and understand all the benefits of filing Chapter 7, if it’s determined to be your best option.