Chapter 13 Bankruptcy

Bankruptcy Lawyers in Fairfax, VA

There are two types of consumer bankruptcy. The first is Chapter 7 bankruptcy, and the second is Chapter 13 bankruptcy. If you are so far in debt that you can never repay your creditors but you still have some form of steady income and could afford monthly payments for a few more years, you could eliminate your excess debts by filing for Chapter 13 "reorganization" bankruptcy. This process will allow you to discharge your debts without having to lose any valuable property or assets, particularly your car and your house.

In order to file for bankruptcy under Chapter 13 of the U.S. Bankruptcy Code, you must have some form of steady income. Once you successfully file for Chapter 13 bankruptcy, you will sit down with your creditors to negotiate a repayment agreement that lasts for 3 - 5 years as required by the bankruptcy code. Over the next few years, you will continue to make affordable monthly payments to your creditors and, once your repayment period is over, your creditors will be required to discharge the remainder of your debt.

Learn More from a Fairfax Bankruptcy Attorney

Langone & Fasullo, PLLC can answer any questions that you may have and can help you find out whether or not Chapter 13 bankruptcy is right for you. You may be able to handle your debts by pursuing credit counseling and setting up a budget, but bankruptcy may be the best option for you to get out from under your overwhelming debt.

Attorney Joseph Langone is a seasoned bankruptcy litigator and is a member of the Northern Virginia Bankruptcy Bar Association. If you are looking to file for bankruptcy and need qualified counsel and representation, look no further than Langone & Fasullo, PLLC. Contact us right away to learn more!