subject: File Bankruptcy In Va [print this page] Are you thinking about whether or not you want to file bankruptcy in VA? Well, let me give you an advice. Think much harder until you are finally sure that filing bankruptcy is right for you and the last option you have. To help you with your thinking, let me explain chapter 7 and chapter 13 bankruptcy.
When you file bankruptcy in VA, you must first know what bankruptcy means. Bankruptcy is a system that lets you discharge your debts. It gives you freedom from the burden of having to pay your debts. Now you might be smiling to the heavens for all your worries will be gone. Hold your horses! In each type of bankruptcy, not all debts are discharged. Before you even decide to file bankruptcy, especially in VA, you must learn that there are two types of debts; the dischargeable and non-dischargeable debts. When you file bankruptcy in VA, you are still responsible for some of your debts, such as fraudulent debts, student loans, fines or penalties from government agencies, etc.
You can choose between chapter 7 and chapter 13 type of bankruptcy. This is the time that you need to take a step backward and reassess your assets, income and properties. Doing this will help you find out whether you are eligible for a chapter 7 or chapter 13 type of bankruptcy. Remember, it is useless to file in a certain type of bankruptcy that you are not qualified for.
Chapter 7 can wipe out all your debts except for those debts that are specifically listed in the law. Chapter 7 can be a little bit difficult to qualify because of a change in the bankruptcy law last August 17, 2005. When you file bankruptcy in VA, the new change in the bankruptcy law requires you to attend a credit counseling session. This requirement is followed by a documentation of your attendance to the services of a credit counseling agency. These agencies will give you a repayment plan and guide you through its process.
When you file bankruptcy in VA for chapter 7 and got rejected, it can only mean one thing. You failed the means test, meaning you did not qualify for the chapter 7 bankruptcy. This suggests that you have means to pay your debt for a reasonable amount of time. This test will prove if after all expenses are deducted from your income, you still have sufficient cash left to pay for your debt. The good thing about this type of bankruptcy is that you can keep most of your properties.
Learning more about bankruptcy will help you a lot in the long run. Finding the right type of bankruptcy will save you time. We all know that time is money and it is money that is your problem, so do not waste time if you can no longer afford to pay your debt.
Another way you can save money when you file bankruptcy in VA is to hire a petition preparer and then do the rest of the work yourself. To know more about how to save money on filing your bankruptcy, go visit the link below.
