Chapter 7 Bankruptcy in Virginia 

Serving Virginia Beach, Chesapeake, Hampton, Newport News, Norfolk, and the surrounding area.

While there are a variety of options when it comes to bankruptcy, Chapter 7 bankruptcy is one of the most popular types in the state of Virginia.  With the guidance of an experienced bankruptcy attorney, filing a Chapter 7 bankruptcy could potentially absolve all of your unsecured debt. 

Advantages of a Chapter 7 Bankruptcy

Chapter 7 is one of the easiest and least expensive types of bankruptcy.  The benefits of Chapter 7 include the following:

• Following the liquidation of your assets, most of your unpaid balances are discharged.
• There is no minimum or maximum requirement on how much debt can be discharged.  Any amount of debt may be forgiven.
• You may retain any wages or property you acquire after the date of filing, with the exception of inheritances.
• Chapter 7 tends to be a quick process, with most cases being closed within six months.

Of course, as with any bankruptcy, there are disadvantages to Chapter 7 as well.  For example, your non-exempt property is liquidated by a bankruptcy trustee, and you can only file Chapter 7 once every six years.  Also, depending on your personal situation, sometimes not all types of debt are discharged.  The debtor usually must continue to pay the following debt:

• Child support
• Alimony
• Taxes
• Student loans

It is always best to discuss your situation with a bankruptcy attorney before filing.  The hard-working lawyers at Joynes & Gaidies, a reputable law firm based in Virginia Beach, can help you understand your financial issues.  Whether you are filing a Chapter 7 bankruptcy in Hampton or Norfolk, we are here to serve you.

Serving clients throughout the Tidewater Virginia area

From offices in Hampton and Virginia Beach, VA, the attorneys of Joynes & Gaidies serve the needs of clients in the Tidewater Virginia area:

If you are struggling with debt and considering bankruptcy, call us today at 1-866-943-8612, or contact us online for a free consultation about your financial situation so we can begin to help you.