Federal bankruptcy laws exist to protect those who are struggling with debt. Bankruptcy ensures a way out for people who are in over their heads financially. If you are having a hard time paying your bills and if you have a lot of debts, consider a Virginia bankruptcy filing.
Why file for Virginia bankruptcy protection?
There are a lot of reasons why you may wish to file for bankruptcy protection when you are having debt problems. A few of the reasons to file include the following:
- You can reduce or completely eliminate your debt. When you file for Chapter 7 bankruptcy, eligible debts are discharged after the bankruptcy trustee has liquidated any non-exempt assets. A Chapter 13 filing can also result in a discharge of eligible debts upon completion of a three to five year repayment agreement.
- You can protect important assets and investments. The bankruptcy code lets you keep your retirement accounts. In most cases, you should be able to keep your home and vehicles, as well. You want to protect these investments, not lose them just because you are in debt.
- You can take the first step toward fixing your credit. Your credit takes a hit each time you miss a debt payment. If creditors sue you, then your credit takes another major hit. Bankruptcy lets you deal with the debt and stop these negatives from posting month after month. Bankruptcy allows you to start rebuilding your credit.
- You can immediately stop foreclosure, repossession, eviction, lawsuits, and garnishment. As soon as you file for bankruptcy protection, an automatic stay goes into effect and creditors have to stop trying to pursue claims against you.
- You can stop creditors from harassing you. Many people are stressed by creditors repeated telephone calls and aggressive collection efforts. Bankruptcy puts a stop to this once and for all.
Talk to a Virginia bankruptcy lawyer
If any of these circumstances apply to you, call Lee Legal to talk to a Virginia bankruptcy lawyer. We can evaluate your situation and help you to understand whether bankruptcy is the right choice for you.