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New Day Legal, PLLC
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#BankruptcyLaw - #BankruptcyFeasibility - How Do You Determine Which Chapter Of Bankruptcy is Feasible?

People typically get lots of advice from all the wrong people. They will talk to somebody and then come into my office and say that they need a Chapter 11 bankruptcy. A Chapter 11 is usually for United Airlines or General Motors.

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#BankruptcyLaw - #CreditorHarassment

You should be aware of your rights as a consumer in the United States. Just because you owe money does not mean that you have no legal protection against abuse or harassment from your debt collectors.

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#BankruptcyLaw - #LoanModification

Loan modification is an alternative debt relief method that allows debtors the chance to work directly with their creditors in an attempt to restructure or reduce their loans without filing for bankruptcy.

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#BankruptcyLaw - #Chapter12Bankruptcy

Chapter 12 is a very specific type of bankruptcy that is reserved for family farmers and family fishermen. This chapter is designed to assist families who are struggling to make ends meet by allowing them the opportunity to repay their debts through a repayment plan that is approved by the court.

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#BankruptcyLaw - #Chapter11Bankruptcy

Many believe that a Chapter 11 is only available to businesses. However, under certain circumstances, an individual may not qualify for Chapter 13. For instance, there are debt limitations in a Chapter 13.

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#BankruptcyLaw - #WhatActuallyIsAChapter13Bankruptcy?

A Chapter 13 bankruptcy is the reorganization of the debts of an individual who has a regular income. It is a repayment plan paid over three to five-years. You repay all or a portion of your debt depending on certain factors. It is ideal for three kinds of people.

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#BankruptcyLaw - #Chapter13Bankruptcy

Chapter 13 bankruptcy can be a viable option for individuals who are not eligible to file for Chapter 7 bankruptcy or who want to avoid liquidating assets. Chapter 13 bankruptcy allows individuals to utilize the reorganization of their debts as long as they have a regular income.

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#BankruptcyLaw - #TimeFrameOfDischarge

Bankruptcy is just a process. Everyone first wants to know how much it costs, and the answer is that the attorney’s fee varies based on the case. The filing fee for Chapter 7 is now $335. The Virginia State Bar has a new ethics opinion that says a Chapter 7 attorney should not file a case without first being paid in full.

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#BankruptcyLaw - #Chapter7ExemptionRules

Everybody in Virginia has an automatic exemption called a Poor Debtor’s Exemption under Virginia Code Section 34-26. It is simply a list of things that you get to keep no matter what, whether you file a bankruptcy or not. Everybody in Virginia, whether you’re a millionaire, the governor, everybody in Virginia is entitled to the Poor Debtor’s Exemption.

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#BankruptcyLaw - #Chapter7Process - What Are the Steps Involved?

There are various steps that you should take to prepare yourself for the bankruptcy process. It may take as few as several weeks and up to six months to complete. IT is also fortunate that those who file Chapter 7 are hardly required to appear in court to complete the process, save for the appearance at the beginning.

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