Debt Goes Away and You Start Over
Do You Qualify for Chapter 7 Bankruptcy?
There is a persistent myth that Chapter 7 bankruptcy is no longer generally available. In reality, many people who would have qualified under the old law are still eligible to get a fresh start.
I am Nathan D. Baney, an attorney practicing chiefly in bankruptcy law and debt relief. I have helped many clients breathe easy for the first time in months or years by achieving a Chapter 7 debt discharge.
Alexandria, Fairfax, Arlington • Northern Virginia • Washington, D.C.
Contact me today to explore Chapter 7 eligibility and assess whether it makes sense for your situation. I offer a free initial consultation, flexible appointments, and even house calls.
Chapter 7 Bankruptcy: Eliminate Certain Debts Completely
The new bankruptcy laws of 2005 added an eligibility means test. If you fall below the median income in Virginia, you are eligible to declare bankruptcy under Chapter 7. This wipes out unsecured debts such as credit card balances, medical bills and unrecorded judgments. I routinely handle cases of $30,000 or more in credit card debt, and some clients have discharged as much as $200,000 in total consumer debt.
You are still responsible for your secured debts (collateral loans) and non-dischargeable obligations such as student loans, child support and certain taxes. Learn more: Which Debts Can I Discharge?
By running your financial information through the means test formula, I can determine if you qualify. However, I may be able to get you into a Chapter 7 even if you are over the income threshold. And if you are under the threshold, Chapter 7 may not necessarily be the right move. (Most clients do not lose any property, but there are limits on exemptions.) Learn more: Which Assets Can I Keep?
As soon as you file for bankruptcy, the credit card companies and collection agencies must halt any legal action and stop calling your house. A home foreclosure is also put temporarily on hold when a Chapter 7 is filed.
Let's Discuss Your Situation
At my office in Alexandria or at your home, I will personally sit down with you to explore Chapter 7 eligibility and your concerns about bankruptcy. Call me at 571-482-7358 for your free bankruptcy analysis with an experienced lawyer.
Learn more: What to Bring to Your Bankruptcy Consultation.
Under the current Bankruptcy Code, I am classified as a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
