Chapter 7

Glen Allen Debt Relief Attorney

Even though the bankruptcy laws changed in the past few years, it is still possible for most people to qualify and file for bankruptcy. Whether you are pursuing Chapter 7 as an option or believe Chapter 13 may be better, or are unsure what type of bankruptcy you need, our attorneys at Spinella, Owings & Shaia, P.C. can help. We provide comprehensive Chapter 7 bankruptcy representation to clients throughout the state of Virginia.

From our office in Richmond, we are able to meet with clients, assess their cases and determine the proper course of action that can help them meet their needs and goals. Bankruptcy may not be right for everyone. Contact a bankruptcy attorney at our office today to further discuss your specific situation.

What Is Chapter 7?

Sometimes referred to as a "fresh start," Chapter 7 is a type of bankruptcy that involves the liquidation of assets in order to satisfy debts. Generally, Chapter 7 provides the most relief with the least impact on your future earnings in comparison with the other types of bankruptcies. Depending on your situation, it may be possible for you to keep your house and car.

The Means Test

In order to show that you qualify for Chapter 7, you will have to pass the Means Test. This is a complicated formula into which your debts and income are entered, along with a variety of other numbers that pertain to your life and financial situation. By calculating your ability to pay on your debts, your ability to qualify for Chapter 7 can be determined. If you can pay some of your debts according to the Means Test, you may not qualify for Chapter 7, but instead qualify for a Chapter 13 bankruptcy filing.

Dischargeable vs. Non-Dischargeable Debts

Within the context of a Chapter 7 bankruptcy filing, there is a short list of debts that are not able to be discharged. This includes student loans, spousal support (alimony) obligations, child support and most tax debts, along with debts incurred by fraudulent means.

Contact a Richmond Chapter 7 Bankruptcy Attorney

You do have options for dealing with your financial difficulties. For more information about Chapter 7 or other types of bankruptcy, contact a bankruptcy lawyer today at Spinella, Owings & Shaia, P.C. by calling 804-747-0920 to arrange your initial consultation.