Chapter 7 Bankruptcy Lawyers
Evans Oliver, PLC can help you professionally navigate legal recovery from financial hardship through Chapter 7 bankruptcy, keep your personal possessions and start rebuilding your credit and your life.
Call 540-437-1966 for a free consultation.
The information below will help you get more familiar with the process.
We look forward to hearing from you.
Evans Oliver, PLC practices bankruptcy law and is considered a debt relief agency by federal law. We help people file for bankruptcy relief under the Bankruptcy Code.
What is Bankruptcy?
Federal bankruptcy codes provide a debtor with a "fresh start" through which some debts can be paid, restructured or discharged. The goal of bankruptcy is to treat creditors fairly, as well. A bankruptcy case begins when you pay a filing fee and file a petition with the Bankruptcy Court. As soon as the bankruptcy petition is filed, an "automatic stay" goes into effect. The "automatic stay" generally stops most debt collection efforts unless the bankruptcy court grants the creditor permission to pursue such efforts. The bankruptcy court, and in some cases a bankruptcy trustee, oversees the activities of a debtor until the debtor obtains an order discharging his debts, and the debtor's case is concluded.
What is Chapter 7 Liquidation Bankruptcy?
In a Chapter 7 liquidation case, sometimes referred to as “complete bankruptcy” or "straight bankruptcy," a trustee is appointed to collect and liquidate the debtor's non-exempt assets and to pay proceeds to creditors in the order set forth in the Bankruptcy Code. Most Chapter 7 cases are "no asset" cases. This means that the debtor does not have sufficient non-exempt assets OR sufficient income to unsecured creditors. See below for more explanation on secured vs. unsecured debts.
Is Chapter 7 right for me?
Every situation is different. Before we offer any advice to alleviate your financial suffering, we help you make a legal plan to move forward to a fresh financial future. Talk to our bankruptcy lawyer, Tracy Evans, at Evans Oliver, PLC in our Harrisonburg law office. We can determine if you qualify to get a fresh start by discharging debts. We will work with you to reduce your liabilities and discharge your debts - including credit card debt and medical bills. We will help you sort out the debts and loans that qualify and clarify what property is exempt from possible liquidation.
Find out today if Chapter 7 Bankruptcy is an option for you.
The initial consultation is FREE!
For bankruptcy, we serve the counties of Rockingham, Augusta, Page, and Shenandoah, the cities of Harrisonburg, Staunton, Waynesboro, and the towns of Woodstock and Luray.
More Information on Filing Chapter 7 Bankruptcy in Virginia
For most people, Chapter 7 bankruptcy is the best legal path toward rebuilding financially. Your debts are liquidated, you can keep valuable personal property (such as jewelry, tools, clothing, etc.) and you can start building your credit again in just a few months. In order to determine if a Chapter 7 is best for you we will need to look at two areas:
First we look at whether we can protect your current assets beneath a Chapter 7 bankruptcy. Under Virginia laws you are only allowed to keep assets valued at a certain amount if you file a Chapter 7. In some cases, if assets are greater than the allowable exemptions, the court will take those assets and sell them to pay back your creditors. Most people don’t want that to happen. We’ll evaluate your case to determine if can we protect the things that are dear to you.
Chapter 7 is reserved for people who have no ability to pay back anything on their unsecured debts. In reviewing income we consider many factors: past income, future income, and what your regular future monthly expenses will be after bankruptcy. These factors determine who can successfully file a Chapter 7 based on their income.
A Chapter 7 bankruptcy stays on your credit record for 10 years from the date you file. However, most folks find they can successfully rebuild their credit after only about 2 to 3 years. Some debts are not dischargeable in a Chapter 7, such as student loans and most taxes. If you owe divorce debts under a separation agreement, these are normally not dischargeable.
Unsecured Debt Examples:
• Credit Cards
• Medical Bills
• Personal Loans
• Deficiency claims following a repossession or foreclosure
• Old Utility Bills
• Most Older Collection Accounts
Secured Debts Examples:
• Mortgages or Equity Lines on Your Home
• Car Payments
• Furniture Payments
• Rent-to-Own Payments
• Jewelry Payments
Are you eligible for Chapter 7 Bankruptcy?
We will need to meet in person to go over your complete financial picture. If you live in Virginia, we can get a pretty good idea based on your answers these seven questions. If you answer “no” to all seven questions then you can likely qualify easily for Chapter 7 bankruptcy. If your answer is “yes” to any of these questions, we will work hard work to qualify you for chapter 7 bankruptcy.
Have you filed bankruptcy in the past eight years?
Is the Edmunds value of any paid-off car higher than $6000.00?
Do you have more than $5000.00 in the bank or in stocks, mutual funds, investments that are NOT retirement plans?
Is there equity in your real estate?
Are you below the median family income for Virginia? (As of Summer 2018)
Family of 1 - $60,011
Family of 2 - $74,299
Family of 3 - $87,009
Family of 4 - $103,549
Are you trying to get out of back taxes or student loans?
Are you trying to get out of alimony or child support?
We want to help get you back on your way to financial stability!