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How do Chapter 7 and Chapter 13 bankruptcies differ?

Once debt begins to spiral out of control, it can become increasingly difficult to get a handle on your finances, and if you are among the many Virginia residents facing mounting debt, you may be considering filing for bankruptcy. Most people who file for personal bankruptcies do so either through a Chapter 7 or a Chapter 13 filing, but there are some important differences between the two types.

Why does gray bankruptcy happen?

If you are a Virginia senior citizen whose income consists mainly of Social Security, you know how difficult it is to stretch your money far enough to cover all of your monthly bills. In fact, you may be facing financial difficulties severe enough that you have begun to contemplate filing bankruptcy.

Will you lose your home if you file for bankruptcy?

As a resident of Virginia who is struggling to keep up with your bills, you may be looking for ways to make your finances more manageable, and you may be considering whether filing for bankruptcy might bring you some relief. If you are like many other people facing similar circumstances, though, you may have serious concerns about whether you could potentially lose your home, should you move forward with filing.

How much is a Virginia bankruptcy?

Bankruptcy costs vary throughout the country. In Virginia, the cost of your bankruptcy could depend on various factors, such as which attorney you select to handle your case, the complexity of your situation and the type of bankruptcy you need. Chapter 7 is usually cheaper, whereas Chapter 13 is often more expensive. Per Debt.org, average filings cost between $1,500 and $4,000.

Tips for rebuilding credit after bankruptcy

Many residents of Virginia have found themselves struggling with their finances, and many people who have done so have ultimately found relief through filing for bankruptcy. At Ferriswinder, PLLC, we recognize that, while filing for bankruptcy can be a great way to find your way back to financial freedom, doing so can also hurt your credit, at least in the short-term.

What can bankruptcy’s automatic stay protect you against?

If you count yourself among the many residents of Virginia who are currently grappling with increasing debt, you may be spending your days avoiding answering your phone or otherwise dodging creditors. Having creditors continuously come after you in their attempts to collect on their debts can prove extremely stressful, but you may be able to put a stop to these excessive communications by initiating the bankruptcy process.

What are some differences between Chapter 7 and Chapter 13?

If you are experiencing substantial financial problems in Virginia and are considering bankruptcy as your only way out, you undoubtedly have a lot of questions. You particularly likely want to know how Chapter 7 and Chapter 13 are different from each other and which one is best for you.

How can you teach your children about money management?

If you are facing the unsettling reality that you are in serious debt and are considering bankruptcy, one of the first steps you should take is to identify which behaviors related to money management ultimately led you to this position. With a family to care for in Virginia, another concern of yours may be how to teach your children effective practices for managing their own money so you can help them avoid being in your position in their future. 

Minimizing the impact of credit card debt on your finances

Personal debt is something that nearly everyone in Virginia will experience at one point or another. Significant purchases such as a vehicle or home are especially popular reasons for your needing to seek a loan. At Ferriswinder PLLC Attorneys at Law, we have helped many families navigate the complexities of debt and bankruptcy. 

Keeping bankruptcy from causing permanent damage

The stigma that is tied to bankruptcy often makes the decision to file seem bleak and hopeless. In fact, many people in Virginia falsely believe that once they file for bankruptcy, it is impossible to recover and put that financial woe behind them. In reality, while bankruptcy can undoubtedly create some difficulties for a person's financial situation, it does not have to cause permanent damage if it is managed correctly. 

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