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Do I Keep Making Payments On My Bills When Filing Bankruptcy? Call (703) 494-3323 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today👈
Are you struggling to keep up with your bills? Are you tired of feeling like you're drowning in debt? Fisher-Sandler can help. We offer a no money down chapter 7 bankruptcy. This means you can get the fresh start you need without having to pay a penny upfront. Don't wait any longer. Get the debt relief you deserve.
Call (703) 494-3323 or visit https://fishersandlerlaw.com for your FREE consultation.
Do I Keep Making Payments On My Bills When Filing Bankruptcy in Virginia?
One of the biggest benefits of filing bankruptcy is the automatic stay that goes into effect as soon as the case is filed. It means that your creditors (those you owe a debt) are not allowed to keep asking you for money. But, just because you don’t have to pay your debts after filing bankruptcy, you’ll still have some expenses to pay going forward.
Bankruptcy doesn't cancel all debt. You'll also have to pay some obligations, called "secured debt," if you want to keep the property that serves as collateral, such as a home or car.
Your mortgage is a secured debt. When you took out the loan, you agreed to give your lender a lien against the property, and the lien gives the lender the right to foreclose on your house if you default on your payments. When you file for bankruptcy, the discharge order—which wipes out your obligation to pay qualifying debt—eliminates your personal liability to pay the mortgage loan. It doesn't remove the lien. Therefore, if you want to keep your home, you must continue making your regular mortgage payments during and after the bankruptcy. This is true for both Chapter 7 and Chapter 13.
Similar to your mortgage, a car loan is a secured debt. If you want to keep your car, you must continue making payments on the loan. Some auto lenders will require you to enter into a reaffirmation agreement on the same terms as the original contract. You can take this opportunity to renegotiate the loan terms. Renegotiating works best if the creditor would prefer that you keep the car and you're genuinely willing to let it go.
Credit card obligations are treated as general unsecured debts in bankruptcy. Your bankruptcy discharge will wipe out card debt. As a result, if you are about to file for bankruptcy, making credit card payments is typically a waste of your money.
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Areas We Serve:
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Fisher–Sandler, LLC
12801 Darby Brook Ct #201
Woodbridge, VA 22192
(703) 967-3315
MPGP+78 Occoquan, VA
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Fisher–Sandler, LLC
3977 Chain Bridge Rd #2
Fairfax, VA 22030
(703) 691-1642
RMWV+PG Fairfax, Virginia
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Fisher-Sandler, LLC
8002 Discovery Drive, Ste. 422
Richmond,VA 23229
(804) 664-3643
JF34+P3 Richmond, Virginia
https://fishersandlerlaw.com/bankruptcy-attorney-richmond-va/
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Fisher-Sandler, LLC - Fredericksburg, VA
1930 William Street
Fredericksburg, VA 22401
(540) 274-5566
7GW5+33 Fredericksburg, Virginia
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Bankruptcy Questions Playlists:
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Related Videos:
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*DISCLAIMER*
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.
Filing Bankruptcy Process - Top 3 Things to Consider
Filing for bankruptcy is not a very easy process. Those who are faced with a fear of overgrowing debts, and wish to file for bankruptcy might not have a clue about the recourse to the process. The first course of action is to file a bankruptcy paper in the bankruptcy court.
Keep an Eye on the Frequently Changing Bankruptcy RulesWith the whirlpool changes in the Bankruptcy laws, rules and regulations are very stringent of late. Formerly, bankruptcy could be declared yearly with least consequences but the situation now is entirely different. One cannot get approval to file bankruptcy, unless the case is presented in the right spirit.
Thinking About Bankruptcy? Think Again!First thing you need to ask yourself is "Is bankruptcy right for me?" If your considering filing for bankruptcy you need to know that there are solution out there for you.
Affect of Bankruptcy on Future Home PurchasesBefore learning about the effects of bankruptcy to your future home purchase, you have to learn first how one gets there. No one wants to be in that situation. Aside from the fact that it is stressful, it can also cause a lot of other problems like losing your home and other valued properties. Ever wonder how you got there?
Bankruptcy Risk Score - Facts You Should Be Aware OfMost of us know a few basic facts about credit score. It is a score used to asses one's ability to pay his loan. Banks use this calculation before offering a loan to someone. Besides, there is another quantity that measures your ability to qualify for a loan which is called the Bankruptcy Risk Score. If this score is found to be poor for an individual, he can be debarred from getting a loan. Since the inception of personal bankruptcy law, the creditors felt the difficulty of recovering their losses. As per statistics, in 2005, 31.6% more people filed bankruptcy, which was a record that time.
The Truth About Bankruptcy! Information You Need to KnowThere is a myth that goes around that suggests you should file for bankruptcy because it's simple and you will get to start over being debt free. Well, if only it was that easy. Think about it, if it was that easy then everyone with debt would file for bankruptcy and go on with their life. There are some things you need to consider before making your decision.
New Bankruptcy Laws - What You Need to Know Before Taking ActionIt is becoming difficult for some individuals to file for bankruptcy due to the new bankruptcy laws. These laws will make it more difficult for consumers to prove that they qualify for the Chapter 7 bankruptcy which is regarded as fast and easy.
Bankruptcy Protection - How to Go About ItYou can file for bankruptcy protection under the bankruptcy laws, if you are finding it difficult to repay your creditors. Bankruptcy protection involves having most of your debt canceled with the inclusion of selling off some of your assets.
Why Do You Need Experienced Bankruptcy Lawyers?Bankruptcy lawyers are a necessity when going though the process because it is hard for a lay person to define Bankruptcy in legal terms. If you are one among the 2 million people who filed or are filing for personal bankruptcy, there are a number of sponsoring lawyers area-wise, it is advisable to approach your area lawyer for evaluating your financial situation. Chapter 7 and Chapter 13 bankruptcy are very well known. By approaching the lawyers who specialize in handling exclusive bankruptcy cases, you are assured of perfect legal advice at the time of your filing bankruptcy case.
Top 4 Bankruptcy Related FAQsBankruptcy is always a one-time experience in the lifetime of an individual. So, here are the top 4 most commonly asked questions related to bankruptcy.
Sometimes We Need Some Bankruptcy HelpBankruptcy is becoming more and more common in this recession we are currently going through. You hear of big time corporations filing for bankruptcy almost every week and it seems there is no end in sight yet. This does not mean that we are doomed from the start it just means we have to spend smarter and work harder to keep what we have.
Credit Card Bankruptcy Has Become All Too CommonThe economy has been taking its toll on too many people in this country and it does not seem to be getting any easier in the near future. Companies are filing bankruptcy left and right and of course individuals are filing at an alarming rate. Credit card bankruptcy is a major issue in this country right now. Credit card companies are hiking interest rates to any who pay one day late and some are getting a rate increase just because.
Discover More About Chapter 13 BankruptcyThe main intention of filing bankruptcy under Chapter 13, is to repay the debts standing in their name and at lower or no interest. This Chapter is different from Chapter 7 in that it involves liquidation of assets and allows the debtor to pay off the creditors from their future business profits. It can thus be seen that Chapter 13 bankruptcy is beneficial for a debtor with regular source of income and request for such adjustment facilities.
What Bankruptcy Can Do to Your Financial LifeBankruptcy is a legal way of dealing with your excessive debts which are beyond your capacity to pay, but it should always be your last option. Some take the opportunity of declaring bankruptcy earlier than expected to get rid of their debts immediately. However, this may have the opposite effect.
The Downside of Declaring BankruptcyBankruptcy can bring financial relief to people drowning in debt, but it's not exactly the easiest way out. If you're considering of filing for bankruptcy, make sure to consider the consequences it will bring to your life.
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