If I Declare Bankruptcy in Norfolk, VA, What Debt Will Be Wiped Clean?

According to bankruptcy law in Norfolk, not all debt is automatically eliminated by declaring bankruptcy.  Depending on your situation, you might have to pay debts such as student loans, child support, taxes, alimony, and secured debt such as mortgage and car payments. 

However, unsecured debt does not have to be completely repaid, and sometimes it does not need to be repaid at all.  Unsecured debt is debt that is not associated with assets, such as home or stock ownership.  Unsecured debt might entail the following:

• Credit card debt
• Bills for medical or legal services
• Personal loans
• Membership fees for gyms or other similar organizations

Qualified bankruptcy attorneys in Norfolk, Virginia can help you organize your financial obligations, and identify the debts that will be wiped clean, and those that will remain your responsibility. 

Bankruptcy law firm in Norfolk

While you might think that it is in your best financial interest to go through the bankruptcy process alone, the experience and advice of qualified bankruptcy lawyers in Norfolk will help you save time, money, and valuable assets in the future. 

The reputable Norfolk bankruptcy lawyers of Joynes & Gaidies understand how to utilize federal and state bankruptcy regulations to your advantage, and will work diligently to ensure your financial stability.  Contact us today at 1-866-943-8612 to tell us about your situation and schedule a free initial consultation.

Norfolk personal bankruptcy

If you are having trouble meeting your financial obligations, you have the option to file bankruptcy in Norfolk.  There are many kinds of bankruptcy, but Chapter 7 and Chapter 13 are the most common for individuals. 

• Norfolk Chapter 7 bankruptcy:  In Chapter 7, all unsecured debts are completely forgiven.  The debtor’s non-exempt assets are sold to the creditors, and afterwards his or her debt is wiped clean.

• Chapter 13 bankruptcy in Norfolk:  This bankruptcy requires the arrangement of a plan in which debt is consolidated and repaid in installments over the course of up to five years.  Any remaining debts that are not included in the plan do not need to be paid.

The hard-working attorneys at Joynes & Gaidies will help you determine which type of bankruptcy is most advantageous for you, and thoroughly explain all possible outcomes that bankruptcy will have on your financial situation. 

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.