Virginia Beach Bankruptcy Lawyer: Your Guide to Debt Relief & Chapter 7

As of December 2025, the following information applies. In Virginia Beach, understanding your options for debt relief and bankruptcy involves understanding federal and state laws. A qualified bankruptcy lawyer can help you determine eligibility for Chapter 7 or Chapter 13, protect your assets, and guide you through the filing process to achieve a fresh financial start. The Law Offices Of SRIS, P.C. provides dedicated legal defense for these matters.

Confirmed by Law Offices Of SRIS, P.C.

What is Bankruptcy in Virginia Beach?

When you’re facing overwhelming debt in Virginia Beach, bankruptcy can feel like a last resort, but it’s often a structured legal process designed to give individuals and businesses a fresh financial start. It’s a formal declaration that you’re unable to repay your debts. In Virginia Beach, like the rest of the United States, bankruptcy is governed by federal law, specifically the U.S. Bankruptcy Code, but state laws also play a part in how certain assets are protected. The most common types for individuals are Chapter 7 and Chapter 13. Chapter 7, often called “liquidation” bankruptcy, wipes out most unsecured debts, like credit card bills and medical expenses, by selling off non-exempt assets, though most people keep all their property. Chapter 13, or “reorganization” bankruptcy, allows individuals with regular income to repay all or a portion of their debts over three to five years through a court-approved payment plan. The specifics of which chapter is right for you, and how it impacts your property, depend on your individual financial situation and Virginia’s exemption laws. It’s about understanding the rules and using them to your advantage when debt becomes too much to manage alone.

Takeaway Summary: Bankruptcy in Virginia Beach offers a legal path to manage overwhelming debt, primarily through Chapter 7 or Chapter 13, allowing for a fresh financial start under federal and state laws. (Confirmed by Law Offices Of SRIS, P.C.)

How to File for Bankruptcy in Virginia Beach?

1. Understand Your Debt Situation: Before anything else, you’ll need a clear picture of all your debts, assets, income, and expenses. This means gathering statements for credit cards, loans, mortgages, car payments, medical bills, and any other financial obligations. You’ll also need pay stubs, tax returns, and records of any property you own. This initial step is vital because it determines your eligibility for different types of bankruptcy, particularly Chapter 7, which has income restrictions. Don’t gloss over this; accuracy here prevents headaches later.
2. Determine Your Eligibility (Means Test): For Chapter 7, most individuals must pass the “means test.” This test compares your income to the median income in Virginia for a household of your size. If your income is below the median, you generally qualify for Chapter 7. If it’s above, a more detailed calculation looks at your disposable income to see if you have enough money to repay unsecured debts. This can feel technical, but it’s a required hurdle. If you don’t qualify for Chapter 7, Chapter 13 might be your next best option.
3. Complete Credit Counseling: Federal law requires you to complete an approved credit counseling course from an approved agency within 180 days before filing for bankruptcy. This course is designed to help you explore alternatives to bankruptcy and understand its impact. You’ll receive a certificate of completion, which you must file with your bankruptcy petition. It’s a foundational step, showing you’ve considered all avenues.
4. Prepare Your Bankruptcy Petition: This is the bulk of the paperwork. You’ll complete numerous forms detailing your financial life: schedules of assets and liabilities, current income and expenditures, executory contracts and unexpired leases, and a statement of financial affairs. Every debt, every asset, every income source, and every significant transaction over a specified period must be disclosed. It’s thorough, but necessary for the court to get a full picture. Errors here can cause delays or even dismissal.
5. File Your Petition with the Bankruptcy Court: Once all your documents are complete and signed, your bankruptcy attorney will electronically file them with the U.S. Bankruptcy Court for the Eastern District of Virginia. The moment you file, an “automatic stay” goes into effect. This powerful legal injunction immediately stops most creditors from taking collection actions against you, including lawsuits, wage garnishments, repossessions, and foreclosures. It provides immediate relief from creditor harassment.
6. Attend the Meeting of Creditors (341 Meeting): Roughly 20 to 40 days after filing, you’ll attend a meeting with a bankruptcy trustee, and possibly some creditors. This meeting, often called the “341 meeting,” is usually short and formal. The trustee will ask you questions under oath about your petition and financial situation to verify the information. Your bankruptcy attorney will be there to represent you and ensure the process runs smoothly.
7. Complete Debtor Education Course: After your 341 meeting but before your debts are discharged, you must complete a second court-approved course, this one focused on personal financial management. This course aims to teach you how to budget, manage money, and avoid future financial difficulties. Like the credit counseling, you’ll receive a certificate you must file with the court.
8. Receive Your Discharge: If you’ve met all the requirements, the court will typically issue a discharge order a few months after your 341 meeting for Chapter 7 cases. This order legally releases you from personal liability for most of your debts, meaning creditors can no longer try to collect them. This is the ultimate goal: a fresh start, free from the burden of overwhelming debt. For Chapter 13, the discharge comes after you successfully complete your payment plan.

Can I Keep My Car and House After Filing for Bankruptcy in Virginia Beach?

This is a very common and often terrifying question for anyone facing bankruptcy in Virginia Beach. The good news is, in many Chapter 7 cases, people do manage to keep both their home and their car. It’s not guaranteed, of course, but it’s far from impossible. The key lies in what are called “exemptions.” Virginia law provides certain exemptions that allow you to protect a portion of your property from being sold by the bankruptcy trustee. For example, there’s a homestead exemption for your primary residence and exemptions for vehicles up to a certain value. If the equity you have in your car or house is fully protected by these exemptions, and you’re current on your payments, you’re often allowed to keep them. If you’re behind on payments, or if your equity exceeds the exemption limits, things get a bit more involved. In those situations, options like reaffirmation agreements (where you agree to continue paying the debt and keep the property), or even Chapter 13 bankruptcy (where you can catch up on arrears through a payment plan), might come into play. A Virginia Beach bankruptcy attorney can help you understand how these exemptions apply to your specific assets and what strategies you can use to protect your essential property. The goal is always to maximize your fresh start while minimizing the disruption to your life. The specific values for exemptions can change, so having current advice is critical. Don’t assume the worst; often, a strategic approach can save your most important assets.

Why Hire Law Offices Of SRIS, P.C.?

When you’re grappling with the prospect of bankruptcy in Virginia Beach, you need more than just legal advice; you need a seasoned ally who understands the weight of your situation. At Law Offices Of SRIS, P.C., we recognize the stress and uncertainty that financial distress can bring. Our approach is direct, empathetic, and focused on securing the best possible outcome for you. We don’t just process paperwork; we represent people. Mr. Sris, our founder, brings a profound understanding of financial matters to every case. He shares this insight: “My background in accounting and information management provides a unique advantage when managing the intricate financial and technological aspects inherent in many modern legal cases.” This background is invaluable when dissecting your financial records and crafting a bankruptcy strategy designed to protect your interests. We take on the challenge of making the bankruptcy process as clear and straightforward as possible, guiding you every step of the way. From determining the right chapter for your situation—be it Chapter 7 or Chapter 13—to preparing meticulous documentation and representing you in court, our team is committed to providing thorough and supportive counsel. We aim to alleviate your burden and help you achieve a true financial fresh start. Don’t face this daunting process alone.

The Law Offices Of SRIS, P.C. has locations in Virginia Beach and serves clients from our convenient location at:

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FAQ

1. What’s the difference between Chapter 7 and Chapter 13 bankruptcy?

   Chapter 7 liquidates most unsecured debts by selling non-exempt assets, offering a quicker fresh start. Chapter 13 involves a court-approved repayment plan over three to five years, allowing you to keep assets while repaying debts.

2. Will filing for bankruptcy ruin my credit permanently?

   Bankruptcy will negatively impact your credit, but it’s not permanent. A Chapter 7 remains on your report for 10 years, Chapter 13 for 7 years. You can begin rebuilding credit immediately afterward with responsible financial habits.

3. Can I discharge all my debts in bankruptcy?

   Most unsecured debts, like credit card bills and medical expenses, are dischargeable. However, certain debts, such as most student loans, recent taxes, child support, and alimony, typically cannot be discharged through bankruptcy.

4. Do I need a bankruptcy attorney to file?

   While you can file pro se, the bankruptcy process is intricate. An experienced attorney helps ensure all paperwork is correct, advises on asset protection, and represents your best interests, significantly improving your chances of success.

5. What happens to my assets during Chapter 7 bankruptcy?

   In Chapter 7, a trustee may sell non-exempt assets to pay creditors. However, most individuals in Virginia Beach keep all their property due to state and federal exemption laws protecting essential items like homes and cars up to certain values.

6. How long does the bankruptcy process take in Virginia Beach?

   A Chapter 7 bankruptcy typically takes about four to six months from filing to discharge. Chapter 13, involving a payment plan, lasts significantly longer, usually three to five years, until all payments are completed.

7. Can bankruptcy stop wage garnishment or foreclosure?

   Yes, filing for bankruptcy triggers an “automatic stay,” which immediately halts most collection actions, including wage garnishments, foreclosures, repossessions, and creditor lawsuits. This provides immediate, temporary relief.

8. What if I don’t qualify for Chapter 7?

   If you don’t pass the Chapter 7 means test, Chapter 13 bankruptcy is often an alternative. It allows you to reorganize your debts into an affordable payment plan, protecting your assets while you repay over several years.

9. Can I file for bankruptcy more than once?

   Yes, but there are waiting periods. For example, you typically must wait eight years between Chapter 7 discharges. The rules are different if you’re filing Chapter 13 after a Chapter 7, or two Chapter 13s.

10. What financial counseling is required for bankruptcy?

    Federal law mandates two courses: credit counseling before filing (within 180 days) and a debtor education course after filing but before discharge. Both must be completed through approved agencies to qualify for debt discharge.

“The Law Offices Of SRIS, P.C. has locations in Virginia in Fairfax, Loudoun, Arlington, Shenandoah and Richmond. In Maryland, our location is in Rockville. In New York, we have a location in Buffalo. In New Jersey, we have a location in Tinton Falls.”

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