Herndon Bankruptcy Lawyer

Are you looking for a bankruptcy attorney near you? Look no further than the Herndon Bankruptcy lawyers: Ashley F. Morgan Law, PC. This experienced legal team helps hundred 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. We offer free consultations to review your situation.

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, including income, non-exempt assets, etc.

Debt Settlements

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, please contact our office. Our office is located in Chantilly; we are close to Route 28 and right off Route 50. We offer plenty of free parking. We also have an appointment only office in Manassas. Additionally, we offer virtual services, which allow us to handle cases via phone, email and video.

LIFE IN HERNDON, VIRGINIA

Problems facing individuals in Herndon are different than those in the rest of Virginia. Herndon is a suburb of Washington, D.C. with a population of almost 25,000. It is located approximately 25 miles outside of DC. Despite being outside of the city, living in the Herndon-Reston area comes with increased expenses. We understand the financial struggles in Herndon and Fairfax County are different from the rest of the country. Herndon’s cost of living is 49.7% higher than the U.S. average. For many clients, even if you are making a decent income, the expenses in Centreville can be overwhelming. Make sure to work with a Centreville Bankruptcy Attorney understands the struggles.

Qualifying for Chapter 7 Bankruptcy in Herndon, VA

Filing bankruptcy can sometimes help relieve some of the financial struggles. To qualify for Chapter 7, the court will look at your income for the last 6 months. If the debtor’s income is less than or equal to the state median, they can file for 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. This is a common problem for many individuals living in Herndon because the median income is based on incomes from all over the state. Living in Herndon is drastically more expensive than living in other parts of Virginia, such as Lexington or Luray.

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 Internal Revenue Service guidelines. For clients living in Herndon, we can often use numbers based on cost of living in Fairfax County. Also, we may be able to consider other high costs of living in the area, such as medical expenses, childcare, and similar. If you have other expenses like high mortgage or car payments, we may be able to factor those into the analysis as well.

Finding an experienced Herndon bankruptcy lawyer can make the difference in qualifying for a Chapter 7 bankruptcy. 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 Herndon Bankruptcy Attorney can make the difference in how smoothly your case goes.

WHERE TO FILE BANKRUPTCY IF YOU LIVE IN HERNDON

Bankruptcy is a federal process, which means it is filed in a federal court. Most common place people is where you live. For example, if you live in Fairfax County, Loudoun County, Prince William County, or Stafford, you will usually file in the Alexandria Division of the Eastern District of Virginia. There are various other places that an individual could file, including where your largest asset is located. For example, if you own a house in Herndon, VA but live in Washington, DC in a rental property, you may still be able to file in the Eastern District of Virginia. However, it is usually easiest and most common to file where you live.

Many people worry about bankruptcy because they fear being in front of a judge. Most of our bankruptcy clients never enter the bankruptcy courthouse; most cases only have one mandatory appearance at the Meeting of Creditors (or 341 hearing). This is a more informal meeting conducted by a Trustee via video, not a judge. This meeting use to happen in person. While on video, the trustee reviews your Driver’s License and Social Security Card to verify your identity. You will be asked questions about your petition, including your debts and assets. This is usually a hearing that takes three to five minutes for your questions.

If you have concerns about debt issues, bankruptcy, or similar, schedule an appointment with our office.

Zip Codes in Herndon, Va: 20170, 20171, 20172, 20190, 20192, 20194, 20195, 20196, 20598, 22095, 22096.