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Instructional Video Series describing the Bankruptcy Process




Contact the office nearest you today!

Chesapeake Bankruptcy Attorney
757-482-5705 | 133 Mount Pleasant Road | Chesapeake, Virginia
Norfolk Bankruptcy Attorney
757-588-5872 | 7508 Granby St | Norfolk, Va
Norfolk/Va Beach Bankrupty Attorney
757-455-9590 | 735 Newtown Rd #101 | Norfolk, Va
Virginia Beach Bankruptcy Attorney
757-473-9597 | 522 S. Independence blvd #102D | Va Beach, Virginia
Portsmouth Bankruptcy Lawyer
757-393-0791 | 3568 Western Branch Blvd | Portsmouth, Va
Suffolk Bankruptcy Attorney
757-539-4114 | 302 N. Main St. | Suffolk, Virginia
* The Law Offices of Steve C Taylor, also doing business as A Able Attorneys

Chesapeake General District Court

307 Albemarle Drive Civic Center

Chesapeake, Virginia 23322-5571

Virginia Beach General District Court:

2425 Nimmo Parkway

Virginia Beach, Virginia 23456-9057 ...

Portsmouth General District Court:

PO Box 129

711 Crawford Street Portsmouth, Virginia 23705

Norfolk General District Court:

100 St. Paul's Boulevard

Norfolk, Virginia 23510

Suffolk General District Court:

PO Box 1648

150 North Main Street Suffolk, Virginia 23439

Chesapeake Circuit Court:

(1 st judicial district of Virginia)307 Albemarle Drive Civic Center Chesapeake, Virginia 23322

Virginia Beach Circuit court:

(2nd judicial district of Virginia 2425 10, Judicial Center, Nimmo Parkway, Virginia Beach, Virginia.

PortsmouthCircuit Court:

NorfolkCircuit Court:

Norfolk, Virginia 23510

Suffolk Circuit Court:

(5th Judicial Circuit of Virginia.) 150 North Main Street Suffolk, Virginia 23439

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Chapter 13 Bankruptcy (wage earner plan)- Individual Debt Adjustment

Overview

1) If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. During this time the law forbids creditors from starting or continuing collection efforts as long as the debtor enjoys a protection provided by the plan.

Chapter 13 bankruptcy (wage earner bankruptcy)offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 bankruptcy offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 bankruptcy is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third co-signors (parties who are liable with the debtor. Finally, chapter 13 acts like a consolidation loan under which the individual makes reduced payments to the plan to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.

Chapter bankruptcy 13 Eligibility

How Chapter 13 Bankruptcy Works

i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.

Filing the petition under chapter 13 "automatically stays" (stops) most collection actions against the debtor or the debtor's property. The stay arises by operation of law and requires no judicial action. As long as the stay is in effect, creditors generally may not initiate or continue lawsuits, wage garnishments, or even make telephone calls demanding payments. The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor. Chapter 13 also contains a special automatic stay provision that protects co-debtors.

After the debtor files the chapter 13 petition, the chapter 13 trustee will hold a meeting of creditors (341 Hearing) . During this meeting, the trustee places the debtor under oath, and both the trustee and creditors may ask questions. The debtor must attend the meeting and answer questions regarding his or her financial affairs . Generally, problems can be avoided by insuring that the petition and plan are complete and accurate, and consulting with the trustee prior to the meeting. In a chapter 13 case, to participate in distributions from the bankruptcy estate, unsecured creditors must file their claims with the court

The debtor's attorney must file a repayment plan for court approval and must provide for payments of fixed amounts to the trustee on a regular basis, typically biweekly or monthly. The trustee then distributes the funds to creditors according to the plan, which may pay creditors less than full payment.

The plan must pay priority claims in full unless a particular priority creditor agrees to different treatment of the claim or, in the case of a domestic support obligation,

The plan need not pay unsecured claims in full as long it provides that the creditors will recieve all "disposable income" over an "the plan period," and receive at least as much as they would have under chapter 7 bankruptcy. In chapter 13 bankruptcy, "disposable income" is income (other than child support payments received by the debtor) less monies needed for support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income. If the debtor operates a business, the definition of disposable income excludes those amounts which are necessary for ordinary operating expenses. The "applicable commitment period" depends on the debtor's current monthly income. The applicable commitment period must be three years if current monthly income is less than the state median for a family of the same size - and five years if the current monthly income is greater than a family of the same size. The plan may be less than the applicable commitment period (three or five years) if unsecured debt is paid in full over a shorter period.

The provisions of a confirmed plan bind the debtor and each creditor. Once the court confirms the plan, the debtor must make the plan succeed. The debtor must make regular payments to the trustee either directly or through payroll deduction, which will require adjustment to living on a fixed budget for a prolonged period. Furthermore, while confirmation of the plan entitles the debtor to retain property as long as payments are made, the debtor may not incur new debt without consulting the trustee, because additional debt may compromise the debtor's ability to complete the plan.

The Chapter 13 Discharge

The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.

After a plan is confirmed, if the debtor is unable to complete the plan, the debtor may ask the court to grant a "hardship discharge." Generally, a hardship discharge is available only if: (1) the debtor's failure to complete plan payments is due to circumstances beyond the debtor's control and through no fault of the debtor; (2) creditors have received as much as they would have received in a chapter 7 liquidation case; and (3) modification of the plan is not possible. Injury or illness that precludes employment sufficient to fund even a modified plan may serve as the basis for a hardship discharge. The hardship discharge is more limited than the discharge normal chapter 13 discharge and does not apply to any debts that are not dischargeable in a chapter 7 bankruptcy.

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Legal Services Available on the Internet:

Today's technology has allowed the Virginia law firm to offer on-line chat and legal assistance to the law office clients of sites such as Virginia accident attorney and Virginia Divorce Attorney . The rapid success enjoyed by this on-line offering has been acclaimed by clients and is now being offered by Bankruptcy Attorney and legal defense firms such as Criminal Defense Attorney. Easy access to law firms and the ability to determine appointment availability has attracted Virginia Traffic Attorney to the network and may soon attract others. Christian Rights Ministries is considering starting a similar online chat network with related Christian sites and legal resources.