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!