Bankruptcy Information

Filing for Bankruptcy need not be confusing. We are here to help you understand all aspects of bankruptcy filing and what works for your situation. Our aim is to enable you to get a fresh start . We solve problems!

Bankruptcy Basics – A Quick Reference

Bankruptcy is a process wherein individuals (or with spouses) or businesses can eliminate or repay some or all of their debts under the protection of the Federal Bankruptcy Court.

The goal of filing for bankruptcy is to enable you to rebuild your credit thereby giving you a fresh start. Once a bankruptcy case is filed, a court order called an “automatic stay” goes into effect and immediately prohibits most creditors from taking action to collect debts owed them. The automatic stay could prevent utility disconnections, foreclosures, evictions, and wage garnishments. How this applies may depend on every filer’s unique situation so we recommend that you schedule a FREE consultation with us so we could get a more thorough assessment of your situation.  We are highly experienced in bankruptcy law and we invite you to check out our Client Testimonials page to see the many lives we have touched over the years.

Basic Differences of Bankruptcy Types

Chapter 7 – Liquidation Bankruptcy

Individuals and Businesses are eligible for this type of bankruptcy, but total income must pass the Chapter 7 Means Test. Read more about Chapter 7 Bankruptcy

  • Assets – Exempt assets can be retained; non-exempt may be sold by trustee.
  • Dischargeable Debts – Credit card charges, personal loans, and medical bills are extinguished.
  • Non-Dischargeable Debts – Most taxes, student loans, alimony, and child support will remain.
  • Benefits – No further payments or creditor calls or discharged debts.
  • Drawbacks – Misperception of negative impact.

Chapter 13 – Individual Reorganization Bankruptcy

This type of bankruptcy is only for Individuals (including sole proprietors). Certain limits on amount of secured or unsecured debt may apply. Read more about Chapter 13 Bankruptcy

  • Assets – Foreclosures, garnishments and repossessions are prevented.
  • Dischargeable Debts – May be discharged in whole or in part.
  • Non-Dischargeable Debts – Included in plan, usually at 100%
  • Benefits – Assets retained, more time to catch up arrears.
  • Drawbacks – Monthly payments required.

Chapter 11 – Business Reorganization Bankruptcy

This type of bankruptcy is for business entities and certain individuals. Read more about Chapter 11 Bankruptcy

  • Assets –Same as Chapter 13.
  • Dischargeable Debts – Same as Chapter 13.
  • Non-Dischargeable Debts – Same as Chapter 13.
  • Benefits – Same as Chapter 13
  • Drawbacks – More costly than Chapter 13

Filing for Bankruptcy

Our objective is to make the process for filing for bankruptcy as transparent as possible. Whether it is Chapter 7 (liquidation), Chapter 13 (individual debt adjustment) or Chapter 11 (business reorganization), our goal is to do what is best for your situation.

Read more about important topics when filing for bankruptcy and our Client Testimonials page to see what our clients are saying about us.

Bankruptcy FAQs

You are entitled to establish credit after filing for bankruptcy. However, each case is different, and obtaining credit following bankruptcy will depend on your particular situation.
No, you are generally entitled to keep all your property. Both state and federal laws exist which outline the property you may keep.
No, although one advantage of filing together is the doubling of the amount of property you may keep, there is no requirement that a husband and wife have to file together. If most debts are owed only by one spouse, it may be appropriate for that spouse to file alone.
Yes, but there may be a limit on how soon you can file. Eight years must expire from the date of a straight bankruptcy filing before straight bankruptcy can be filed again. Following certain chapter 13 proceedings, there is no limit for the filing of a straight bankruptcy. And there is no limit at all for the filing of a chapter 13 bankruptcy after any prior bankruptcy.
Yes, as long as you are current with your payments, you continue to make regular payments, and maintain insurance. In a chapter 13 you can even pay the back payments through the plan.
There is one brief meeting you must attend. In chapter 13 cases there may be a confirmation hearing, depending on where you live. Your attorney will call you before any hearing and will attend every hearing with you.
While the bankruptcy filing is a public record, the court does not notify your employer. In some instances in a chapter 13, there may be a direction to your employer to make the monthly plan payment to the trustee.
No, the law is clear. An employer may not discriminate against anyone who files a bankruptcy.
Certain debts, including some taxes, alimony, and support, student loans, and fines are not discharged in a chapter 7. In a chapter 13 only, alimony, support and taxes due within three years and most student loans must be paid in full.
These are brief answers to frequently asked questions. You must discuss the specifics with us. Once you retain us, you should refer all creditor calls to us. Your personal contact with us is strictly confidential. If you have any additional questions, please call us.

We are Bankruptcy Attorneys

placeholderWe are highly experienced in bankruptcy law, consumer bankruptcy, and individual bankruptcy. We help you stop foreclosures, garnishments, liens, and repossessions. We walk you through every step of the way with pragmatic and sensible approaches.

We serve most of Northern Virginia: Fairfax County, Fairfax City, Prince William County, Manassas City, Manassas Park, Fauquier County, Loudoun County, Stafford County, Alexandria City, Arlington County, and Falls Church.

Convenient Location and Flexible Hours

We are located in Fairfax, VA and our regular office hours are Monday to Friday from 9am-5pm but we can also accommodate you as early as 6am or as late as 8pm by special appointment. Please contact us by calling (703) 893-0760 or by filling up the online form.

Contact Us for Free Consultation

Call us at (703) 893-0760 for a free phone consultation or complete the online form and we will get back to you soon! Hablamos Español.

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