Just as there are different tools for different tasks, there are different types of bankruptcy filings for different types of debtors. For many Virginians, Chapter 7 provides the most effective method for discharging debts and starting over. For those with a steady paycheck, Chapter 13 may be more appropriate.
At FerrisWinder, PLLC, we look to help clients understand their options and the protections bankruptcy has to offer. With over 35 years of combined legal experience, we provide the information and representation you need to confidently make decisions that will help you get out of debt.
Reorganization May Be The Best Strategy For Getting Out Of Debt
Often referred to as debt reorganization, in a Chapter 13 petition the court does not take any of your property, but rather allows you, through counsel, to propose a plan that levels the playing field and lets you design a comprehensive repayment plan.
Just as in Chapter 7, Chapter 13 bankruptcy provides powerful remedies to overcome a variety of financial hardships. Garnishments, creditor harassment and foreclosures can be stopped through the automatic stay and we can often spread out past due amounts for up to 60 months — no matter what the creditor says.
In most cases, a Chapter 13 filing takes three to five years to complete. At the end of your repayment plan, existing unsecured debts may be discharged. Although debts like student loans and past-due child support will remain, your reorganization efforts can account for these debts and help you get current.
As your lawyers, we have an entire arsenal of tools to help deliver a smart reorganization plan that works through the operation of the law. Your creditors may not love your cramming down their loan, but they often have no choice but to accept it upon confirmation of your plan.
We Can Help You Create An Intelligent Debt Repayment Plan
To learn more about the benefits bankruptcy has to offer, reach out to us at FerrisWinder, PLLC. Our team of attorneys works with clients in Richmond, Petersburg and throughout Virginia. You can schedule a free initial consultation by calling 804-767-6848 or by filling out our online contact form.