Fairfax Chapter 7 Bankruptcy Attorney

Understanding Chapter 7 Bankruptcy

Are you struggling to make your payments from month to month? Have you fallen so far behind on your mortgage or credit loans that you can never catch up? If so, you may qualify to get a fresh start by filing for bankruptcy. Don't let the idea frighten you because, while bankruptcy has a reputation for being a bad thing, the truth is that it was designed to help individuals who are overwhelmed with debt. Chapter 7 bankruptcy is one option for consumers and is available to those who have little to no disposable income.

How to File for Chapter 7

The first step when filing for bankruptcy is to take the means test. This test prevents anyone from taking advantage of the bankruptcy process by calculating their disposable income, helping to determine whether or not they are truly unable to repay their debt. If you pass the means test, you can file under Chapter 7 of the U.S. Bankruptcy Code.

This form of bankruptcy is also known as "liquidation bankruptcy" because you will hand over any nonexempt property and assets to a trustee to be liquidated. Your creditors will be repaid as much as possible from the liquidated assets, and then the remainder of your debt will be discharged.

Contact a Bankruptcy Lawyer in Fairfax, VA

Langone & Fasullo, PLLC has nearly 30 years of combined experience. If you are looking to eliminate your overwhelming debts, we can provide the counsel and guidance that you need in order to navigate the bankruptcy process as quickly as possible.

Attorney Langone has extensive experience in bankruptcy litigation and is a member of the Northern Virginia Bankruptcy Bar Association. Our firm has the skill to help you get a fresh financial start, so don't wait. Contact our firm today!