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Major life events like medical issues, divorce, and unforeseen job loss can result in excessive debt that is incredibly difficult to manage. Rather than ignoring your debt while fees continue to accrue, often the best thing you can do to improve your financial circumstances is to file for bankruptcy. By working with a Fairfax bankruptcy attorney at S&R Law Firm, you can relieve yourself of the stress and frustration that unpaid debts can cause. We have helped a wide range of clients find the best solution to eliminate their debt and get back on track with their lives.

The Benefits of Filing for Virginia Bankruptcy

Our clients commonly want to know: do you get out of all debts if you declare bankruptcy? The answer is that it depends on your situation and the types of debt you have. But for many people there are significant benefits to filing for bankruptcy.

From daily calls from creditors to having your wages unexpectedly garnished, the stresses of living in debt are incredibly overwhelming. Yet many people do not get the relief they need because they feel that if they file for bankruptcy, they have failed in some way. In reality, the stigma of bankruptcy has changed significantly over the years and filing for bankruptcy is often seen as the best and most responsible way to start fresh and regain financial stability.

The main benefit of filing for bankruptcy is that once you are relieved of some of your financial obligations, you will more easily be able to pay living expenses and start rebuilding your credit. In fact, while many people think their credit scores will drop after bankruptcy, their scores often significantly improve shortly after filing.

While filing for bankruptcy isn’t right for everyone, a bankruptcy attorney serving Fairfax can help you understand whether it is a good option for your situation. If you want to know whether or not bankruptcy is right for you, contact S&R Law Firm for a free case review.

How Virginia Bankruptcy Works

Once you pursue bankruptcy in Virginia bankruptcy court, an automatic stay will be enacted to immediately stop your debt from getting worse. An automatic stay also forbids creditors from calling to harass you and forces them to stop all collection efforts against you. In addition, it prevents your assets being stripped through foreclosure and repossession. It also puts an end to any lawsuits against you and prevents your wages from being garnished.

There are two types of bankruptcy consumers usually file for: Chapter 7 and Chapter 13. People commonly ask: what is the difference between Chapter 7 and Chapter 13? Both types of bankruptcy will prevent collection activities, stop lawsuits that are pending, and give you time to get your financial affairs in order. Beyond this, however, there are some differences.

With chapter 13 bankruptcy, you are placed on a payment plan where you pay off a small percentage of your debt over time (usually 3 to 5 years) and will usually not lose any assets. Chapter 13 is best for people who have steady jobs and income so that they can meet the requirements of your repayment plan.

Chapter 7 is more common and is usually the better choice for people with less property or assets as it is less complicated than chapter 13. There are many types of unsecured debt that will be discharged under chapter 7, which means you won’t have to pay them off. These include credit card debt, medical bills, and unsecured loans. In addition, some types of property are protected under chapter 7, such as your retirement savings, motor vehicle (though there are limits), and household goods and clothing. The timeline is also shorter than chapter 13, and you can complete your bankruptcy in a few months.

So: What is the downside of filing for bankruptcy? Whether you are filing for chapter 7 or chapter 13, keep in mind that many kinds of debt are not eligible for discharge in bankruptcy.

This is true for alimony, child support, and most tax and student loan debt. Your credit score will also likely drop in the short-term, though bankruptcy can raise it in the long-term.

The best way to know whether filing for bankruptcy is right for you is to discuss your case with an experienced bankruptcy attorney in Fairfax. When you work with a knowledgeable bankruptcy attorney at S&R Law Firm, you will receive a detailed review of your circumstances, a clear understanding of your rights, explanations of the pros and cons of filing for bankruptcy, and guidance on what type to file for.

When a Lawyer Can Help

If you are feeling overwhelmed by debt, a Fairfax bankruptcy lawyer may be able to help. S&R Law Firm is committed to providing experienced, knowledgeable, and compassionate legal assistance to people who can benefit from filing for bankruptcy. By connecting with a Northern Virginia bankruptcy attorney, you can often relieve yourself of the stress of debt so you can get back on track with your finances and your future.

Whether you have questions about your potential for filing bankruptcy or want to know whether it’s right for you, we’re here to help.

Get in touch with us today at 703-273-6431.

Client Reviews
"I will recommend Nova Defenders, S&R Law Firm any day because they are the best and at getting you the best outcome. They always have your best interest at heart. Lawyer Ben Schaefer really handled handled my case with absolute care and professionalism from day one. Thank you" - Ken W.
"I strongly recommend you work with Ben Schaefer and the S&R Law Firm. Ben clearly has a lot of experience in what he does and does really well in working with clients. The entire group is professional, sharp and responsive. HIGHLY recommended!" - Ankita S.
"The best law firm ever to be in. They treat you so well that they care and I would comfortably tell someone to go there. This firm is one that i would hire in a heart beat whenever i need representation. Very respectful , professional, honest, down to earth and most of all caring." - Bob O.