The Benefits of Filing a Chapter 7 Richmond Bankruptcy

Chapter 7 bankruptcy is a provision under the Bankruptcy Code that entitles you to a fresh start. You can file it to eliminate most debts that you might have such as debts from credit cards, medical bills, personal loans, liabilities incurred from car accidents, and deficiencies on your repossessed car. Your lawyer can enlighten you about the following benefits of Chapter 7 Richmond when you schedule a consultation:

*     One of the chapter’s most outstanding provisions is that you can wipe off your debt while retaining all your properties. You will be able to keep ownership of your beautiful home and your lovely car. This is possible if your mortgage and car loan payments are current and if your property does not have any significant equity. Your lawyer should help you to keep your property, no matter the odds. The attorney can do this by arranging for you to reaffirm your debts.

*     Filing chapter 7 will get a heavy load off your back by stopping creditors from harassing you or your friends, family, and neighbors and demanding payment at all times. You can file a chapter 7 Richmond bankruptcy case and preempt the embarrassment of creditors coming to your workplace during a high profile meeting or at home when you are entertaining important guests.

*     Repossession debts can add to the agony of losing your property. Apart from repossessing your car, a creditor can demand that you settle the balance of the debt after selling the car to recover the debt. This is known as the deficiency balance for which you will still be responsible. Filing chapter 7 can help you avoid such a debt by eliminating your liability including the deficiency balance.

*     Filing for bankruptcy under this chapter can also enable you to remove the possibility of garnishments. These court orders can lead to the deduction of your income to pay a certain debt. This action can effectively make it harder for you to afford your expenditure on basic needs. You can stop garnishments and therefore be able to keep your income for other needs.

*     In addition, you can stop lawsuits that can lead to the suspension or cancellation of your driver’s license. If you are involved in an auto accident and you do not manage to maintain liability insurance, your license may be suspended depending on the state. A good lawyer can help to have your license reinstated as well as stop lawsuits related to the auto accidents.

*     Filing a chapter 7 Richmond bankruptcy case offers you the chance to lower your loan payment that could have forced you into bankruptcy unwillingly because of over-financing by the loan company.

You should get a lawyer that is well versed with filing bankruptcy cases under this chapter to increase your chances of winning.


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