Virginia bankruptcy attorneys of Total Bankruptcy - Experienced legal professionals
Our Virginia bankruptcy attorneys may find it to be far more difficult to serve the real needs of their clients with the new laws in effect. They no longer have the option to provide a Chapter 7 case to as many people.
Under the new bankruptcy laws, individuals who wish to file a Chapter 7 case with our Virginia bankruptcy attorneys would first go through a "means test" to determine their eligibility. Individuals with incomes higher than the median income level in their state, and who have disposable income of $100 a month that can be used to repay $6,000 over five years, will be pushed into a repayment plan under Chapter 13.
Our Virginia bankruptcy attorneys as well as other legal professionals nationwide describe this move as "over-inclusive" and "painfully inflexible." It follows guidelines set up by the IRS for tax evaders, and imposes limits for allowable expenses: about $200 a month for food and less than $800 for housing and utilities, for example. In addition, our Virginia bankruptcy attorneys believe that the means test may cost people with serious financial problems more money due to lengthy and expensive hearings in the courts.
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Alexandria
122 N. Alfred Street Alexandria, VA 22314 Map | Directions | Case Evaluation |
Fairfax
3998 Fair Ridge Drive, Suite 150 Fairfax, VA 22033 Map | Directions | Case Evaluation |
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Hampton
2 Eaton St. Suite 502 Hampton, VA 23669 Map | Directions | Case Evaluation |
Hopwell
222 N. Main St. Suite 310 Hopwell, VA 23860 Map | Directions | Case Evaluation |
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Norfolk
500 East Main Street Suite 1600 Norfolk, VA 23510 Map | Directions | Case Evaluation |
Radford
1160 East Main Street Radford, VA 24141 Map | Directions | Case Evaluation |
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Richmond
530 East Main St # 703 P.O. Box 4595 Richmond, VA 23220 Map | Directions | Case Evaluation |
Richmond
700 East Main Street Suite 1600 Richmond, VA 23219 Map | Directions | Case Evaluation |
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Richmond
700 East Main Street Suite 1600 Richmond, VA 23219 Map | Directions | Case Evaluation |
Warrenton
41 Culpeper St. Warrenton, VA 20186 Map | Directions | Case Evaluation |
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Winchester
2971 Valley Ave Winchester, VA 22601 Map | Directions | Case Evaluation |
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In addition, our bankruptcy attorneys are wary of the new exemption laws. While homes are exempt in certain states, the new provisions require homeownership for a minimum of 40 months. In other words, if you file for bankruptcy within 3.3 years of purchasing a home, it may no longer be off limits to creditors, even if the home is situated in a state that offers the homestead exemption.
If you would like to know more, visit Total Bankruptcy. Stop by one of our office locations or fill out our secure online case evaluation form with a few details about your situation. All information is kept strictly confidential. One of our experienced legal professionals will contact you to set a convenient time for a free consultation.
It may pay to put pencil to paper.
If you're unsure about what to do, simply sitting down with a pencil, pad of paper and a pocket calculator can be a very good place to start. Here are a few steps that may help you determine just how serious your current financial situation really is:
List what you owe. Prepare a table of how much you owe each creditor, what the interest rate is and how much you pay monthly. In short, you want to itemize what is called your "personal liablities".
Review your personal cash flow. Prepare a sheet that shows how much you pay out and how much you receive each month in cash. This statement represents your cash flow and can help you identify where you may be able to set aside additional savings to pay off debt.
Prepare a personal budget. You may want to find ways to cut non-essential expenses so you can use that to repay your debts.
Click Here For a Free Bankruptcy Evaluation
The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.