There are many common misunderstandings about the process and inner workings of bankruptcy law. At Cravens & Noll we use our considerable experience to clear up any misconceptions.
At our initial free consultation you will meet with a qualified bankruptcy lawyer who will explain the process and price for bankruptcy. This lawyer will provide a comparison of Chapter 7 and Chapter 13 bankruptcies and advise you as to which is the most appropriate for your situation. Let us take the weight of your debt off your shoulders.
If you don’t know how you’re going to pay the bills next month and are already behind on your mortgage, bankruptcy may be the best options available to you. Using a debt consolidation service is almost always more expensive and is not governed by the kinds of protections afforded by bankruptcy law. Additionally, debt consolidation companies do not have the authority to negotiate with your creditors. As a result, they cannot guarantee you the same level of savings or protections available through bankruptcy. Let our experienced bankruptcy lawyers help you find the financial freedom you need.
Chapter 7 and 13 Cases:
If an imminent mortgage foreclosure or debt collection efforts have you backed up against a wall, talking to our bankruptcy law firm in Virginia about personal bankruptcy might be the
Filing for bankruptcy puts an immediate stop to all current debt collection efforts, including debt enforcement litigation in the courts, wage garnishment, repossession, or mortgage foreclosure proceedings. Our bankruptcy lawyers in Richmond can show you how you can qualify for a complete discharge of most unsecured debts in a Chapter 7 bankruptcy. Or achieve substantially the same objectives under a Chapter 13 bankruptcy repayment plan over a period of three to five years. Many Chapter 13 bankruptcy debtors may only pay 10 to 15 cents on the dollar for unsecured claims while relieving debt collection pressure and protecting the assets they care about most.
While your Chapter 13 or Chapter 7 bankruptcy case is pending, we can work out arrangements to protect your interests concerning your house, your automobile, and other assets that serve as collateral on your biggest debts. Our Virginia bankruptcy attorneys can also often negotiate reductions or extensions of tax liabilities and other debts that cannot be discharged.
Debt Consolidation Services – What You need to Know
Debt consolidation services claim they can negotiate lower interest rates and lower monthly minimum payments to help you get out of debt. Unlike in a Chapter 7 or Chapter 13 bankruptcy, creditors are under no legal obligation to reduce your interest rate, monthly minimum payment, or discharge your debt. In fact, some debt consolidation services buy information from credit card companies which allow them to know how much money a credit card company is willing to settle for before they even begin “negotiations.”
In the end, consumers may pay expensive upfront fees that are paid over the first 6 months before any principle is actually paid on what is owed. Additionally, a bank may call in any outstanding balance once a debt consolidation company gets involved, afraid a consumer will declare bankruptcy and a stay of relief will go into effect.
Filing for Bankruptcy – Making it easier for Our Clients
Our office is equipped with the latest high-tech data management and communications systems that can streamline our access to credit reports and tax returns for fast service when you really need it. When absolutely necessary, we can even file your bankruptcy case the same day you come in to meet us for the first time.
No matter what the source of your financial pressure might be–medical expenses, consumer debt and credit card bills, or the loss of a job – the bankruptcy lawyers at Cravens & Noll can help you find the solution you need.