Montrose Bankruptcy Attorney
Get a Bankruptcy Lawyer Near Me
When you are facing constant creditor harassment, filing for bankruptcy in Montrose Virginia could be your best option. With so many changes to US bankruptcy Code since the big change in 2005. Trying to go it alone can become confusing and quite overwhelming at best. When considering filing for bankruptcy in Hanover County Virginia you will need the services of an experienced Montrose County Bankruptcy Attorney.
At Fisher-Sandler, LLC – Richmond, VA we specialize in everything bankruptcy. Whether you need to file a Chapter 7 bankruptcy, Chapter 11 bankruptcy (for individuals) or Chapter 13 bankruptcy, the Montrose bankruptcy lawyers at Fisher-Sandler, LLC have the experience to get your bankruptcy petition filed quickly. When you come in for your FREE consultation we will go over all your options and help you to decide if filing for bankruptcy is the best path for you to take.
Nathan Fisher, Michael Sandler, and Sharon Choi Stuart have a combined 60 years of bankruptcy law experience. We have helped thousands of Montrose and Henrico County residents and small business owners successfully file for bankruptcy protection under the Bankruptcy Code since 1999. If you are currently facing wage garnishment, foreclosure, eviction, utility bill cut-offs, car repossession, truck repossession, creditor lawsuits, judgments, IRS tax levy, frozen bank account/accounts, etc we can help stop your financial nightmare today. Call our Montrose Bankruptcy Law Office of Fisher-Sandler now at (804) 664-3643 to schedule your FREE consultation.
Bankruptcy Services in Montrose Virginia
– Foreclosure Defense
– Student Loan Modification
– Property Exemptions
– Tax Forgiveness
– Auto Repossessions
– Stop Creditor Harassment
Montrose Chapter 7 Bankruptcy Attorney
Chapter 7 bankruptcy is the type of bankruptcy most people think of when they hear the word “bankruptcy.” It is also referred to as “liquidation bankruptcy” or “straight bankruptcy.” It is the most common form of bankruptcy in the United States. In this type of case, the bankruptcy trustee collects all of your non-exempt assets (described below), sells them, and then distributes the cash to your creditors as provided by law. The result of a successful bankruptcy proceeding is the receipt of a bankruptcy discharge order. A discharge order is an order issued by the bankruptcy court which nullifies one’s pre-bankruptcy contractual obligations to pay creditors. In other words, one’s debts are discharged and one is relieved, by operation of the bankruptcy code, of having to repay them. Typically, one does not lose property because there are sufficient bankruptcy exemption laws allowing one to protect one’s property from creditors. One can usually retain one’s house mortgage and car loan as long as one is current with the payments on those obligations.
Generally speaking, a person with monthly necessary living expenses that exceed one’s net monthly income files for chapter 7 bankruptcy. In other words, if one’s living expenses such as rent/house payment, food, gasoline for vehicles, insurance for vehicles, heat, and electricity and other necessary living expenses (not credit card payments or monthly medical payments or past due utility bills or overdraft protection charges attached to one’s checking or savings account) exceeds one’s net monthly income (gross income less taxes and medical insurance and other deductions) one should seriously consider filing for chapter 7 bankruptcy relief.
How To File Chapter 7 Bankruptcy in Montrose
Once a case is filed, the automatic stay goes into effect. The “automatic stay” is a legal provision of the bankruptcy code that prohibits creditors from taking or continuing to prosecute any collection action against you such as harassing telephone calls, repossessions, garnishment of wages/bank accounts, and foreclosures. If a creditor violates the automatic stay, it can be sued and sanctioned for monetary damages.
Before filing bankruptcy, an individual is required to do a budget and credit counseling course, which may be done in person, by telephone, or online. Approximately 30 days after a case is filed, there is a “meeting of creditors” with the bankruptcy trustee. A second credit counseling or debtor education session is required, and the order discharging the debtor is typically entered approximately 90 days after the case is filed.
Montrose Chapter 13 Bankruptcy Attorney
Chapter 13 bankruptcy is desired for individuals with regular income who desire to pay their debts but are currently unable to do so. A repayment plan lasting three to five years is carried out under the supervision of the bankruptcy court, with the payments based on your finances. The plan is generally approved within 60 to 90 days after your case is filed. At the end of your plan, your debts are discharged, even if they have only been partially paid, except your mortgage, student loans, child support, and a few other exceptions.
As in a Chapter 7 case, filing a Chapter 13 bankruptcy case stops all collection actions of the creditors by enacting the “automatic stay“. Chapter 13 bankruptcy should be considered if you are behind on your mortgage or car loan payments or other debts, and you want time to catch up. Chapter 13 bankruptcy should also be considered if you would lose certain assets in a Chapter 7 bankruptcy and you can make payments to your creditors over time.
There is usually flexibility in your Chapter 13 plan payments and if your financial circumstances change, the amount of your plan payments may be changed. A recent development in Chapter 13 bankruptcy is the opportunity to “strip” off certain second mortgages on homes.
Montrose Chapter 11 Bankruptcy Attorney
If an individual debtor exceeds the income limitations of Chapter 13, he or she may file under Chapter 11. Similar to a Chapter 13 bankruptcy, in Chapter 11 bankruptcy the debtor (whether a business or individual) files a plan with the bankruptcy court stating how the debtor intends to reorganize and pay its debts. A Chapter 11 plan usually pays creditors over a period of five years but the length of plan may be extended up to ten years, with court approval.
One major difference between Chapter 7 or Chapter 13 bankruptcy and Chapter 11 bankruptcy is that the latter requires the filing of “first day motions.” That is, when a business debtor files its petition seeking Chapter 11 protection, the debtor must also file a set of motions with the court. These motions seek the permission of the court to continue normal business operations and allow the business to pay employee wages as well as paying suppliers or vendors.
Another difference debtors will notice between Chapter 11 and other forms of bankruptcy is that Chapter 11 bankruptcy involves much greater costs and fees. This is because Chapter 11 has a greater amount of reports and procedures built into the process than other forms of bankruptcy. Depending on the size of the business, preparing, filing, and following through with a Chapter 11 plan can involve a substantial amount of work for both the debtor’s attorney as well as the U.S. Trustee and bankruptcy court.
Montrose Emergency Bankruptcy Attorney
If you find yourself confronting a financial emergency in Montrose Virginia such as eviction or the loss of your home through foreclosure, one option may be to file an emergency bankruptcy petition to protect your assets from creditors. When you file a voluntary petition to open a bankruptcy case, the federal court issues an automatic stay to stop most debt collection actions against you. An emergency bankruptcy petition can be a quick way to forestall foreclosure, repossession of your car, garnishment of your wages, eviction, and lawsuits by creditors.
Homeowners who are having trouble renegotiating the terms of a home mortgage and are threatened with immediate foreclosure within days may file an emergency bankruptcy petition to stop a foreclosure sale and prevent the loss of their home.
Workers who are having their wages garnished or who are threatened with having their wages attached may file an emergency bankruptcy petition to stop wage garnishment. A bankruptcy filing prevents most creditors from getting access to your income or taking debt collection action against you while the bankruptcy in pending. If your bankruptcy filing eventually leads to a discharge of the debt that was the basis of the wage garnishment, then the creditor cannot continue the wage garnishment at the conclusion of your bankruptcy.
A person who is about to be evicted or have their electricity or gas cut off because of unpaid utility bills may be a candidate for filing an emergency petition to prevent having your utilities turned off in the heat of summer or during freezing weather.
When you do not have enough time on your hands, you can utilize a fast online bankruptcy filing process known as an emergency bankruptcy filing (or skeleton filing), get the automatic stay in place, and submit the remaining documents later. The average bankruptcy petition is between 40 to 50 pages when completed. Such a huge amount of paperwork is just not feasible when you are facing a foreclosure auction, repossession, wage garnishment, collection lawsuit, or another time-sensitive situation.
Montrose Virginia – About
Montrose is a town in Virginia with a population of 8,074. Montrose is in Henrico County. Living in Montrose offers residents a dense suburban feel and most residents rent their homes. In Montrose, there are a lot of parks.
Other Cities Served in Henrico County:
- East Highland Park
- Glen Allen
- Henrico County
- Highland Springs
- Short Pump
Henrico County Zip Codes Served: