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We Fix Your Finances™ 1995 Michael P. Regan, PC

Knowledgeable Danville Bankruptcy Attorney Advises Clients Facing Financial Difficulty

Trustworthy law firm aids individuals and businesses in Virginia with bankruptcy filings and financial advice

If you have excessive debt you are having trouble repaying, some type of bankruptcy may be a viable option for your situation. At the Law Offices of Michael P. Regan, P.C. in Danville, we advise individuals and businesses about whether bankruptcy is right for them, or if another debt relief option would work better. Our highly respected attorney, Michael Regan, has practiced law in Virginia for over four decades and is deeply committed to helping clients achieve resolutions that restore their financial stability.

Can I discharge all of my debts through Chapter 7 bankruptcy?

In a Chapter 7 bankruptcy, certain types of unsecured debts, such as payments owed on credit cards, personal loans and medical bills, are discharged. In some instances, some of a debtor’s assets might be liquidated in order to fund partial repayment to creditors. There are, however, some debts that cannot be discharged. For example, you will still be responsible for past due child support payments, unpaid student loan obligations and certain unpaid taxes, but we can often help you with these matters also.

In order to qualify for Chapter 7, your monthly income must be below a certain threshold. This process for determining eligibility is known as the means test, which measures your income and expenses against the state’s median income. We can examine your financial situation and help you understand if you qualify, and if you do, we work tirelessly to safeguard your personal property. Though Chapter 7 debt discharge does not prevent actions taken on secured debts, such as home foreclosure and vehicle repossession, our firm will make every effort to keep those assets in your possession if possible.

What to do if you don’t qualify for Chapter 7

You should also always consider a Chapter 13 financial reorganization. In a Chapter 13 bankruptcy, the debtor(s) submit(s) a repayment plan which is subject to approval by the bankruptcy court. We will help you draw up a reasonable schedule to repay your debts over a period of either three to five years. Creditors will have the opportunity to object to the repayment plan and propose different terms. The amount of payments and how long they last are based on your income, assets and how much debt you owe. Once the time period is up, any remaining debt may be discharged. This is typically a good option for individuals who still have a steady stream of income, as well as those who want to stop their home from being foreclosed upon.

Our law firm can help ensure you correctly navigate all of the filing steps and develop a repayment plan that is affordable for you and that has the best chance of being approved by the court. Also, the owners of sole proprietorships may be able to file under this chapter and keep their businesses open depending upon the specific financial circumstances.

Other bankruptcy options for businesses

Corporations, partnerships, limited liability companies and sole proprietors who are struggling financially but do not want to close up shop may file for Chapter 11 bankruptcy. This type of protection, often called a reorganization bankruptcy, gives businesses the ability to pay back their debts while still keeping their doors open. To file, businesses must propose a reorganization plan to the bankruptcy court that shows how the company will restructure existing obligations and internal operations in order to repay its debt. As part of the plan, businesses must provide a financial statement, a list of assets and liabilities, current income and expenditures and other information requested by the court.

We will guide you through the process and work hard to get you an advantageous outcome.

Contact an experienced Virginia bankruptcy attorney for help

The Law Offices of Michael P. Regan, P.C. in Danville helps Virginia individuals and businesses understand whether bankruptcy is right for them and assists in Chapter 7, Chapter 11 and Chapter 13 filings. Call our firm at 434-793-9670 or contact us online to schedule a consultation.