Richmond Bankruptcy Attorney

Helping Clients Throughout Virginia since 2010

If you are struggling with overwhelming debt, you may be wondering if there is a way to get a fresh financial start. In many cases, filing for bankruptcy is the best way to protect your assets while also getting a chance to start over.

At Flores Law PLLC, we have helped countless individuals and families file for bankruptcy and move on with their lives. Our goal is to help you do the same.

If you are interested in filing for bankruptcy in Virginia, call (804) 315-0810 or contact us online to schedule a free initial consultation with our Richmond bankruptcy attorney.

What Is Bankruptcy?

Bankruptcy is a legal process that is used to resolve a person's or business's debts. There are several different types of bankruptcy, each with their own rules and regulations.

The most common types of bankruptcy are:

• Chapter 7
• Chapter 11
• Chapter 13

While each of these types of bankruptcy has their own unique rules and regulations, they all share one thing in common: they offer debtors a chance to start over financially.

What Qualifies Someone for Bankruptcy?

Before you can file for bankruptcy, you must first complete a credit counseling course, which will help you understand the implications of filing for bankruptcy.

After you have completed the credit counseling course, you must then wait at least 7 days before you can file for bankruptcy. This waiting period is in place to allow you to reconsider your decision and give you time to consider other debt-relief options.

Once the waiting period has passed, you can then file for bankruptcy. You will need to gather several important documents, including your most recent tax returns and pay stubs, as well as a list of your creditors.

In order to file for bankruptcy, you must meet the following requirements:

• You must be at least 18 years of age
• You must have a regular source of income
• You must have less than $450,000 in assets
• You must have less than $450,000 in debts

If you meet these requirements, you can file for bankruptcy. The type of bankruptcy you file for will be determined by your specific financial circumstances.

What Is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

Chapter 7 bankruptcy is often referred to as a liquidation bankruptcy. This type of bankruptcy involves a court-appointed trustee who will sell off your non-exempt assets and use the proceeds to pay back your creditors.

Chapter 7 bankruptcy is best for people who do not have a lot of disposable income and who have a large amount of unsecured debt (debt that is not backed by collateral).

Chapter 13 bankruptcy involves a court-appointed bankruptcy trustee who will create a repayment plan that will allow you to pay off your debts over a 3-5 year period.

Chapter 13 bankruptcy is best for people who have a regular income but who have too much debt to qualify for Chapter 7 bankruptcy. This type of bankruptcy allows you to keep your assets and avoid liquidation.

Both Chapter 7 and Chapter 13 bankruptcy allow you to discharge your unsecured debts, such as medical bills, credit card debt, and personal loans. This means that once you have completed your bankruptcy repayment plan, you will no longer have to repay these debts.

What Are the Advantages of Filing for Bankruptcy?

Filing for bankruptcy is not something you should do lightly. However, if you have fallen on hard times and are struggling to pay your debts, bankruptcy may be your best option.

Benefits of filing for bankruptcy include:

• Stopping or delaying foreclosure
• Erasing or discharging credit card debt, medical bills, personal loans, and other unsecured debts
• Discharging or erasing second or third mortgages
• Getting rid of liens on your car
• Getting a fresh start on your credit score
• Having the opportunity to save your assets from liquidation

Why Choose Flores Law PLLC?

Bankruptcy is a complicated process that is governed by a number of laws and regulations. If you are considering filing for bankruptcy, it is important that you work with an experienced bankruptcy attorney who can explain your options and help you make the right decisions.

At Flores Law PLLC, we have helped countless individuals and families file for