COCHRAN BANKRUPTCY LAW FIRM YVONNE COCHRAN, ATTORNEY

info@AffordableBankruptcyLaw.com

Chapter 7 BANKRUPTCY 

will eliminate or "DISCHARGE" most kinds of debts so you will never have to repay those creditors.

Some types of Debts that can be discharged are:

1.  Credit cards
2.  Personal loans

3.  Repossession deficiency charges
4.  Past rent

5.  Payday loans
6.  Some tax debts
7.  Medical Bills

Some types of debts that will NOT be discharged are:  

1.  Student loans
2.  Alimony or child support
3.  Fraud or embezzlement

4.  Some tax debts
5.  Damages from drunken driving
6.  Criminal Fines/Penalties

AM I ELIGIBLE TO FILE?

    You may file if you have not received a prior chapter 7 bankruptcy discharge within the past 8 years or 6 years for a chapter 13 discharge paying less than 70%.

IS MY INCOME A FACTOR?

    Yes, after the new laws went into effect in 2005 a test called the "Means Test" was established to determine if a person's income was high enough to allow that person to pay back all or some part of his creditors.  The court has guidelines based on the size of your household and the area where you live to determine what is the maximum amount of income you can earn without having to pay some money back.  If you do not qualify you may still be able to file a chapter 13 bankruptcy.

WILL I LOSE MY PROPERTY?
    
Generally not,  In Virginia you are allowed to exempt most necessary assets such as 401k or retirement plans, furniture, a vehicle, medical needs, work related items and up to $5000 per person of other assets.  If you own real estate with over $5000 worth of equity or other assets worth over $5000 the Bankruptcy Trustee may take that property and sell it to pay your creditors.  

    If you have over $5000 you may still be able to file a Chapter 13 in which you pay back your creditors over a period of time up to 60 months.

HOW LONG DOES IT TAKE?  

    If you bring in your documents and information when you come in we can usually file you the same day.  This will stop repossessions, garnishments, collections and creditor calls.
    We are completely computerized and our office can file your petition electronically directly to the court.