Are You Facing Home Foreclosure in Virginia?
If you are behind on your mortgage and threatened with foreclosure, filing bankruptcy may be your best option for relief. Once bankruptcy is filed, an automatic stay is placed on all creditor actions, including foreclosure. This allows you time to review your situation and develop a plan to get a fresh financial start.
At Cravens & Noll, our bankruptcy foreclosure attorneys have experience with all facets of bankruptcy law. We understand how bankruptcy works to relieve debtors of their downward spiral and get them back on their feet. As our client, we will carefully review your situation and advise on your options. While not all debt relief options end in saving your home, we are committed to obtaining the best outcome for your financial needs.
Types of Bankruptcy Chapters
When you file for bankruptcy, there are multiple chapters you can apply for. Each chapter offers a different payment plan based on your financial situation and the nature of your debts.
The two most common chapters are Chapter 7 and Chapter 13. Both are popular because they cater to average people who need a better method of paying back their debts or in some cases not have to pay back most of their debt.
Chapter 7
Chapter 7 is fairly common, as it essentially wipes away your debt. It’s designed for people who are struggling to make their monthly debt payments and who do not either earn too much income or own too much equity in property. Yet, this method does not come without consequences.
In order to get rid of these debts, the court must decide which of your assets can be liquidated to help pay your debts. These can include cars, furniture, and other possessions that require regular payments. Your house can be considered for liquidation, but a skilled and educated attorney can help you determine if this is the best option for your unique financial situation. Our attorneys have the experience to explain to you during the first meeting whether you will lose any of your property. In most cases, you will be able to keep all of your property.
Chapter 13
Chapter 13 is another popular bankruptcy option for people unable to keep up with their debt payments. Chapter 13 differs from Chapter 7 in that it’s designed for people with a steady income but too many debts to pay. Chapter 13 also lets you keep most of your assets while you pay them off in smaller payments.
For most people, Chapter 13 bankruptcy is the best option to achieve debt relief while preventing foreclosure because it allows for a restructuring of debts into a single monthly payment. Often, this frees some additional income for mortgage payments. Additionally, any past-due mortgage payments can be restructured into the payment plan.
Our Bankruptcy Service Fees
A Chapter 13 bankruptcy filing starts at $500 – $1000 or the initial filing plus $310.00 for court filing fees. If you are in danger of losing your home soon, we can rush the filing for $500.
While these fees may seem costly, especially when you’re already in debt, you’ll spend more money in the long run without an experienced foreclosure attorney on your side.
With Cravens and Noll representing you in court, you can have the confidence that your needs are being taken care of the right way. Our attorneys are professional and efficient, meaning you will not waste money on redoing work to compensate for mistakes.
Contact the Foreclosure Attorneys at Cravens and Noll
If your home is facing foreclosure, you need a dedicated attorney on your side. Contact the bankruptcy foreclosure attorneys at Cravens and Noll. Our goal is to get you back on your feet as quickly as possible so you can live your life again.
Bankruptcy Foreclosure FAQ
It depends on the specifics of your case, but most of the time you can keep your home. If there is no or very little equity in the house (the value of the home minus the mortgage) you most likely will be able to keep your home. If you are facing a foreclosure on your house, a Chapter 13 bankruptcy has the potential to halt the foreclosure and save your home to allow past due mortgage payments to be paid over time.
Most people who file bankruptcy will not lose their house hold property, cell phones, etc… The main goal for bankruptcy is to get rid of your debts and give you a “fresh start”. So that you can start fresh, there are a number of standard exemptions as to the value of property you can keep, and most people own property under these assigned values. We will analyze your specific situation to determine if you will lose anything prior to filing your case.
A: Bankruptcy stays on your credit report for up to 10 years. But after your case is over, and the credit you obtain is used wisely by paying the debt on time you can rapidly improve your credit rating. By filing bankruptcy and discharging you debt, your debt-to-income ratio improves which is a major factor that is used to determine your ability to obtain credit.
Yes, but your spouse will still be liable for any joint debts. If you file together you will be able to double your exemptions. In some cases where only one spouse has debts, or one spouse has debts that are not dischargeable then it might be advisable to have only one spouse file. If the spouses have joint debts, the fact that one spouse discharged the debt may show on the other spouses credit report.
As long as you don’t have any joint debt there is no adverse effect on your spouse.
Your Bankruptcy Foreclosure Lawyers In Virginia
Giving You Peace of Mind — Our attorneys have over 30 years of experience representing clients who are facing extraordinary challenges. Every case is unique, and that’s why you need professional legal counsel to help you decide your next steps. Contact one of our attorneys today to learn more.
J. Thompson Cravens
President
Joe Cravens is a proud veteran of the United States Army and has practiced in the areas of personal injury, criminal law, domestic relations and military law for over 30 years. He is a life member of the Million Dollar Advocates Forum.
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David Edward Noll
Managing Attorney
David Noll’s primary focus is working directly with his clients in order to strongly advocate the best possible result. He has been representing Virginians for over two decades in all things civil litigation.
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W. Allan Burns Jr.
Partner
Allan Burns is a University of Richmond Law School alum. He excels in the areas of family law, bankruptcy, business law and personal injury.
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Tameka W. Robinson
Senior Associate Attorney
Tameka Robinson is passionate about equal access to justice and juvenile justice issues and taking care of her community. She is engaged in various community service events, cheers for her hometown teams, the Yankees, Giants and the Knicks and loves traveling wherever the road may lead.
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Kent Benninger
Attorney
Kent Benninger graduated from Liberty University both undergraduate and Law before moving to Richmond in 2016. He began his career with a focus on Criminal Law.
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Eppa Hunton VI
Attorney
Eppa Hunton grew up in the Richmond area before falling in love with the Shenandoah Valley while attending Washington & Lee University in Lexington. He now heads Cravens & Noll’s Harrisonburg office and enjoys exploring the natural beauty of the area.
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