BANKRUPTCY Information Central
5020 Monument Avenue, Richmond, VA 23230
Broad Street Bankruptcy Clinic
5020 Monument Avenue
Richmond, VA 23230
804-355-3303 * 804-355-5719
Most people think of Chapter 7 as a "straight" bankruptcy. These types of bankruptcies "wipe out" most general debt. They do not discharge child support, spousal support, some tax debt, or student loans. If you have vehicles or a mortgage, most often you have a choice to either keep these loans and, thus, keep your home and vehicle, or turn in the home or vehicle and be completely debt free.
A person will generally qualify for a Chapter 7 if they spend what they make on necessary expenses (rent or mortgage, food, clothing, utilities, insurance, etc.).
The risk with a Chapter 7 is that if you have anything with a lot of monetary value, you may be at risk of having those items taken and sold for purposes of distributing the money to your creditors.
Our job is to ensure your property is protected. Experience is key in protecting your property in a bankruptcy. Most of our clients retain their property in Chapter 7.
Chapter 13's are a completely different kind of bankruptcy than a Chapter 7; they exist to pay some or all of a person's debt back. To qualify, you must have some amount of money left over at the end of each month after paying for necessary expenses.
Why would a person ever want to be in a Chapter 13 over a Chapter 7? Chapter 13's offer options for catching up mortgage or car payments, paying back tax debt, lowering car payments, and paying for furniture debt.
Call us today to schedule a FREE consultation to explore what options best fit your personal situation.