Experienced, Effective & Compassionate Bankruptcy Attorneys Serving Hampton Roads
The bankruptcy attorneys at John W. Lee, P.C. have handled over ten thousand cases and have over 70 years of combined legal experience. We understand how frustrating it can be to have a pile of bills that you cannot pay. Our attorneys and paralegals have the expertise to help you through the bankruptcy process.
An effective attorney can help you protect your house, car, tax refund and other assets in bankruptcy. Without an experienced attorney by your side in bankruptcy court; you could lose your home, car, wages, tax refund or other valuable assets. Bankruptcy can stop foreclosures, wage garnishments and harassing phone calls.
Many people are afraid to file a bankruptcy because they think it will ruin their credit. While it is true a credit score may go down after filing a bankruptcy, in many cases a person’s credit score is even higher within a couple of years after having filed a bankruptcy. Quite often a few years after filing for bankruptcy, a person can finance the purchase of a house or car on credit.
Whether they choose a Chapter 7 or a Chapter 13, a bankruptcy offers people a means of getting out of debt, but bankruptcy is not for everyone. Options include negotiating with unsecured creditors, debt consolidation, mortgage debt negotiations, real estate short sales, working with a debt consolidation company, or even doing nothing.
Chapter 7 is the most common type of bankruptcy. A Chapter 7 bankruptcy will discharge most all types of debts; including medical bills, credit cards, deficiency balances, credit union loans, personal loans, store cards, credit lines, payday loans and more. Overview of information concerning secured debt, mortgage and judgement liens, credit counseling, 341 hearings, debts excluded from being discharged in Virginia, reaffirmation agreements, tax refunds, and bankruptcy petition and schedules.
Under a chapter 13 bankruptcy, a debtor offers a 3-5 year repayment plan to the creditors with the goal of paying off all or part of the debts from the debtor's future income. Chapter 13 bankruptcy is a reorganization whereas Chapter 7 bankruptcy is a liquidation. Overview of information concerning knowing if a Chapter 13 filing is right for their situation, how they work, who is eligible, a distinction between secured and unsecured creditors in a Chapter 13 bankruptcy.
A Chapter 11 bankruptcy generally applies for debt reorganization usually involving a corporation or partnership. A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. Overview of information concerning the process of filing a Chapter 11 bankruptcy, the reorganization plan, the role played by the bankruptcy court in business operations, how small businesses can be subject to special chapter 11 rules, and individuals filing for chapter 11 bankruptcy.
Most any bankruptcy can temporarily stop a foreclosure unless the debtor has filed too many previous bankruptcies. It is in the best interest of a debtor to contact a bankruptcy lawyer as soon as possible once a foreclosure notice is received in the mail. An overview of information concerning stopping foreclosure with a Virginia Chapter 13 bankruptcy, the responsibility of homeowners filing to save their home, an option for a homeowner who cannot afford their monthly mortgage payment, and options for homeowners when banks do not foreclose.
The trusted bankruptcy attorneys at The Law Offices of John W. Lee, P.C., can help individuals filing for bankruptcy protect some or all of their assets through the exemptions granted under Virginia law. An overview of information concerning Federal bankruptcy exemptions and how Virginia has opted out of following them, and how protecting assets in a bankruptcy in Virginia includes a homestead.
The Virginia Beach bankruptcy attorneys at The Law Offices of John W. Lee, P.C., understand the importance of establishing good credit, but they also realize that unforeseen financial challenges, such as unemployment or a serious illness or injury, can overwhelm even the most conscientious individual. Their strategy for helping individuals to rebuild their credit and manage debt starts with a review of some of the basic principles about credit.