Law Office of Michael J Heath -- Bankruptcy Attorney ¦ Bankruptcy Lawyer ¦ FREE Consult
FREE Consultation with a Bankruptcy Lawyer. Personal & Professional Service! Bankruptcy May Help SAVE Your Home, Pay, Car or Marriage, STOP your Foreclosure, STOP your Garnishment, or STOP a Civil Law Suit! Proudly serving the Chapter 7 & Chapter 13 Consumer Bankruptcy needs of Hampton Roads - Tidewater Virginia, including Virginia Beach, Norfolk, Chesapeake & Portsmouth. CONTACT US NOW FOR A FREE BANKRUPTCY CONSULTATION WITH AN ATTORNEY.
A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This information can not explain every aspect of the bankruptcy process. If you still have questions after reading it, you should contact us for a FREE CONSULTATION to discuss the specifics of your situation.
What Is Bankruptcy?
Bankruptcy is a legal proceeding in which a person who can not pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law under the authority granted in the United States Constitution, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law.
What Can Bankruptcy Do for Me?
Bankruptcy may make it possible for you to:
§ Eliminate the legal obligation to pay most or all of your debts. This is called a discharge of debts. It is designed to give you a fresh financial start.
§ Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.)
§ Prevent repossession of a car or other property.
§ Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt.
§ Restore or prevent termination of utility service.
§ Restore or prevent termination of a driver's license when it was suspended for failure to pay civil debts.
§ Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe.
What Bankruptcy Can Not Do
Bankruptcy can not, however, cure every financial problem. Nor is it the right step for every individual. In bankruptcy, it is usually NOT possible to:
§ Eliminate certain rights of "secured" creditors. A secured creditor has taken a mortgage or other lien on property as collateral for the loan. Common examples are car loans and home mortgages. You can force secured creditors to take payments over time in the bankruptcy process and bankruptcy can eliminate your obligation to pay any additional money if your property is taken. Nevertheless, you generally can not keep the collateral unless you continue to pay the debt.
§ Discharge types of debts singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, most student loans, court restitution orders, criminal fines, and some taxes.
§ Protect cosigners on your debts. When a relative or friend has co-signed a loan, and the consumer discharges the loan in bankruptcy, the cosigner may still have to repay all or part of the loan.
§ Discharge debts that arise after bankruptcy has been filed.
Remember: The law often changes. Each case is different. This information is meant to give you general information and not to give you specific legal advice.
* This information has been adapted and provided here free of charge by permission of The National Consumer Law Center.
Disclaimer: The materials on this web site are for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Internet subscribers and online readers should not act upon this information without seeking professional counsel.
* Prices quoted in the web site "menu" above are the starting price for the products listed, some products may have additional cost. Prices quites are for Chapter 7 or Chapter 13 consumer bankruptcy cases filed in the Federal Bankruptcy Court for the Eastern District of Virginia, Norfolk Division; any other division may have additional fees and/or costs. Please read the entire web page(s) associated with the product(s) selected. If you have any questions, please contact us. Your satisfaction is our goal!
The Law Office of Michael J. Heath, PLLC (web addresses: http://www.HamptonRoadsBankruptcy.comhttp://www.tidewaterbankruptcy.com and http://www.ConsumerLawyer.us is located in the Marsh Landing Building at 575 Lynnhaven Parkway, Suite 180, Virginia Beach, Virginia 23452. Telephone (757) 431-8665. Serving all of Hampton Roads - Tidewater Virginia, including Virginia Beach, Norfolk, Chesapeake and Portsmouth.
