Perhaps you are facing a pile of medical expenses after being injured in an accident or your loved one has been diagnosed with a serious illness and the costs of treatment have left you struggling to make ends meet.
Regardless of whether your debt burden resulted from having built up unsecured debts or through no fault of your own, it’s important to understand that you have options for achieving relief and a fresh financial start.
Bankruptcy Is Intended To Provide Protection, Not Punishment
At FerrisWinder, PLLC, we offer hardworking people in Richmond and the surrounding Virginia communities with the information, resources and experienced representation they need to overcome their debt problems.
Bankruptcy can be a powerful solution for managing your debt. Although you may have heard horror stories about ruined credits or foreclosures, the truth is that bankruptcy provides protection from creditors, gives you breathing room to re-evaluate your finances, helps pay down or eliminates your debts, and the resources to use the money that you’re making to take care of what you really need.
By providing you with clear, straightforward information regarding bankruptcy, you can make intelligent decisions and take meaningful steps toward discharging debt and retaking control of your financial life.
The two most common types of bankruptcy filings we handle include:
- Chapter 7 bankruptcy: Chapter 7 is often the most efficient and effective method for discharging your unsecured debts. In most cases, you can retain most of your possessions and property through a series of bankruptcy exemptions. Additionally, an automatic stay will go into place, requiring creditors to leave you alone and answer to your lawyer.
- Chapter 13 bankruptcy: If you maintain a steady income or do not qualify for a Chapter 7 filing, Chapter 13 can provide a structured repayment schedule that helps you pay off your debt over three to five years. You can also protect your home from foreclosure, and achieve a discharge of your remaining qualifying debts at the end of your repayment period.
Many of our clients have found the process very helpful in lifting the burden of debt off of their shoulders. They quickly realize that bankruptcy is a useful tool, not a form of punishment. By working together, we can help you keep your home, stop garnishments, stop warrants in debt, stop repossessions, and often pay creditors back at pennies on the dollar. If we can answer any questions for you about the process, please don’t hesitate to give us a call.