Frequently Asked Bankruptcy Questions, Richmond, VA

The following information is from "Consumer Bankruptcy Law and Practice" manual published by the National Consumer Law Center.  The following information helps you understand what must be done in a routine bankruptcy case to help you evaluate how much service you need.  Although bankruptcy can be complex, many cases are routine.

Commonly Asked Questions:

• Before filing a bankruptcy case, either you or your attorney should analyze your eligibility for different forms of debt relief available under the Bankruptcy Code and which form of relief is most likely to be beneficial for you.

• Be sure you understand the relief you can obtain and its limitations.  To file a bankruptcy case, documents called a Petition, Schedules, Statement of Financial Affairs, as well as in some cases, and a statement of Intention need to be prepared correctly and filed with the Bankruptcy Court.

• You will have to pay a filing fee to the Bankruptcy Court.  Once your case starts, you will have to attend the required first meeting of the creditors where you may be questioned by a court official called a "Trustee" and by creditors.

Frequently Asked Questions: (PDF file: Bankruptcy Q&A)

If you choose to file a Chapter 7 case, you may be asked by a creditor to reaffirm a debt.  You may want help deciding whether to do so.  A creditor is not permitted to coerce you into reaffirming your debts.

If you chose to file a Chapter 13 case in which you repay your creditors what you can afford over 3 to 5 years, you may also want help with preparing your Chapter 13 plan and with the confirmation hearing on your plan which will be before a bankruptcy judge.

Call Ellen P. Ray today at 804-355-1800 or browse our website for more information regarding legal assistance.  If you have any other questions or comments, please contact us.