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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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Im drowing in credit card debt that resulted from not recovering

Resolved Question:

I'm drowing in credit card debt that resulted from not recovering costs of repairs on a house I sold in virginia beach. I currently own a home in alexandria, va and do not want to lose my home and have talked to several debt management agencies and credit relief debt management agencies, which has not helped my situation. How do I go about finding a good attorney to represent me in bankruptcy/asset protection in alexandria, va
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Depending upon the amount of equity in your home, you may want to consider filing either a Chapter 7 or Chapter 13 bankruptcy.

I will explain.


As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.



A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.



A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.


Here are the exemptions for Virginia:
http://www.bankruptcyinformation.com/VA_exemp.htm

Here is a link to assist you in finding competent bankruptcy counsel in your area:
www.Martindale.com

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER
Ellen and other Bankruptcy Law Specialists are ready to help you