For those in Richmond that are struggling with debt, personal bankruptcy may offer them the opportunity to get back into a good position financially while avoiding having to go further in debt due to action being taken by their creditors. Those who wish to enjoy the protections that bankruptcy affords while still staying true to the promises made to repay creditors can do so through a Chapter 13 case. Bankruptcy court officials will also typically do whatever they can to help those working their way through their cases (provided that they follow the mandates and provisions they are given). Abuse the rules of the bankruptcy court, and one could find themselves facing much more than continued financial troubles.
You may be considering your bankruptcy options after experiencing insurmountable financial challenges. Like most Virginia residents in the same situation, you have two main choices for personal bankruptcy – Chapter 7 and Chapter 13. Unlike Chapter 7 bankruptcy, which eliminates eligible debt, Chapter 13 bankruptcy gives you a chance to restructure your debts and make manageable payments over a three to five-year period.
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While you may have saved for your child's higher education and did everything by the books financially, job loss, divorce, medical emergencies and other unexpected events may have forced you to file for bankruptcy. While bankruptcy gives you a chance to start over financially, you may wonder how the filing will affect your child's future. Will it hurt his or her chance of obtaining federal financial aid or student loans to go to college in Virginia?
Most individuals who find themselves faced with an avalanche of debt but who want to keep their homes file for Chapter 13 bankruptcy, which is more of a reorganization bankruptcy. However, to qualify for Chapter 13, you must have the ability to repay a portion of your debt over a three to five-year period. If you do not have the means to do this, you may have to file for Chapter 7. Does doing so automatically mean you lose your home? Not necessarily. According to SFGate, filing for Chapter 7 may not cost you your home. In fact, the more you owe on your Virginia home, the greater the likelihood the courts will let you keep it.