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Leesburg Bankruptcy Attorney

Are you looking for a bankruptcy attorney near you? Look no further than the Leesburg Bankruptcy Attorneys: Ashley F. Morgan Law, PC. This experienced legal team helps hundreds of people every year with their debt related issues. Offering free consultations, our attorneys can help determine what options are available to you. Your options often depend on numerous factors, including debt amount, income, type of debt, assets, family size, and much more.

Chapter 7

The most common type of bankruptcy is a Chapter 7 bankruptcy. This is also called a liquidation bankruptcy.  The process typically takes approximately three to four months for a standard case. To start the case, you file a petition that provides information regarding your debts, assets, income, expenses, and personal information. Even though the court can order that certain assets be sold in a Chapter 7, there are many assets you can keep. Any asset that is protected from liquidation is an exempt asset. These items have certain laws that protect the asset. If you have more than the minimal items, the bankruptcy trustee sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay creditors.

Chapter 13

A chapter 13 bankruptcy is also called a wage earner’s plan. The plan enables individuals with regular income to develop a plan to repay all or part of their debts. Some individuals pay back only required debt, such as priority tax debt and mortgage arrearages, while other individuals pay back 100% of all debts. Under this chapter, debtors propose a repayment plan over three to five years. The plan is based on various factors and expenses, including income, non-exempt assets,  medical expense, nondischargable debt, etc.

Debt Settlements

Bankruptcy is not always the best option; sometimes it is ideal to negotiate directly with the creditor. We often recommend this option when an individual has low debts or a couple creditors. This option does not have any guarantees, it can save you save money on the full amount owed. It also can help you avoid bankruptcy for only a couple debts.

To review your options with an experienced Leesburg Bankruptcy Attorney, please contact our office. Our office is located close to Leesburg, just down Route 28 in Herndon, Virginia. We offer free parking.

Life in Leesburg, Virginia

Leesburg has been named of the the best places to live in the United States. However, the high quality of life comes with high living expenses, including a 49.7% higher cost of living than the U.S. average and a median home cost of $530,100.00.

Problems facing individuals in Leesburg are different than the rest of the state due to the high cost of living associated with being a suburb of Washington D.C., only 50 minutes outside of the district. The population of Leesburg is approximately 53,917, and most of its residents own their own homes. However, even if you are making a decent income you may still find it is a struggle to make ends meet due to the high cost of living in the area. We understand the financial struggles of those living in Leesburg and Loudoun County, and want to make sure that you retain a bankruptcy attorney that understands the context of your living expenses.

Qualifying for Chapter 7 Bankruptcy in Leesburg, VA

Filing bankruptcy can sometimes help relieve some of the financial struggles. To qualify for Chapter 7, the court will look at your income over the last 6 months. If the debtor’s income is less than or equal to the state median, they may qualify for a Chapter 7.  This can mean it is more difficult for individuals living in the more expensive parts of the state to qualify for a Chapter 7. Not qualifying automatically for bankruptcy is a problem for many individuals living in Leesburg because the median income is based on incomes from all over the state. Living in Leesburg is drastically more expensive than living in other parts of the Commonwealth of Virginia, such as Abington or Wakefield.

Alternative Ways of Qualifying: The Means Test

However, there is another way to qualify for Chapter 7 that involves using your income and subtracting out allowable expenses; this process is called the Means Test.  Luckily, if your income is above the state median, we can take in consideration the allowable expenses for your county under the guidelines provide by the Internal Revenue Service. For clients living in Leesburg, we can often use numbers based on the cost of living in Loudoun County. Also, we may be able to consider other high costs of living in the area, such as insurance payments, medical expenses, childcare, child support and similar things.

If you have above median income, finding an experienced bankruptcy attorney can make the difference in whether you qualify for Chapter 7 or not. If you do not qualify for Chapter 7 — or determine that you should not file a Chapter 7 — and have to file a Chapter 13, the Means Test will also help dictate the payment plan during the course of your repayment plan. Having an experienced Leesburg Bankruptcy Lawyer can make the difference in how smoothly your case goes.

WHERE TO FILE BANKRUPTCY IF YOU LIVE IN LEESBURG

Bankruptcy is a federal process, which means you file in a federal court. Virginia has two federal districts – the Western and Eastern Districts. There are various courthouses in each Virginia district; for example, the Eastern District has four courthouses: 1) Alexandria, 2) Richmond, 3) Norfolk, and 4) Newport News. Most people file in the jurisdiction where you reside; if you live in any part of northern Virginia, you will usually file in the Alexandria Division of the Eastern District of Virginia. There are other ways to determine where you can file, such as where your largest asset is located. However, it is usually easiest to file in the jurisdiction you reside.

Most of our bankruptcy clients never go the bankruptcy courthouse; most cases only have one mandatory appearance at the Meeting of Creditors (or 341 hearing). In Alexandria, this hearing is in an office building in Old Town Alexandria. You must bring your Driver’s License and Social Security Card with you so that the Trustee can verify your identity. Other questions you will be asked are about your petition, including your debts and assets. This is usually a hearing that takes a few minutes per debtor.

CONTACT US!

If you have concerns about debt issues, bankruptcy, or similar, schedule an appointment with our office. Ashley Morgan is an experienced Leesburg Bankruptcy Attorney who can help you resolve your debt issues.

Zip Codes in Leesburg, Virginia: 20176, 20177, 20178, 20175