Bankruptcy Law

Stop Garnishments, bank levies, repossessions, and foreclosures.

Overwhelmed with debt? Tired of creditor harassment? Bills piling up? Need a fresh start?

Filing for bankruptcy could be the answer you have been looking for. Take the first step to financial stability and rebuilding your credit.

Bankruptcy is far more common than you would imagine. Filing for bankruptcy does not equal failure; to the contrary, it could be the necessary step to put an end to your financial problems and obtain a fresh start.

Our firm understands bankruptcy can be a scary and difficult decision to make. Let our experienced attorneys help you through the process. We handle bankruptcy cases and help get clients back on track to financial freedom.

Unlike some other firms, at The O’Brien Law Firm you are more than just a case number.

We offer a free case evaluation to help you in making this difficult decision. Give us a call today at 757-915-6986.

The O’Brien Law Firm is an approved network provider for the Hyatt Legal Insurance Plan.

We are a debt relief agency. We help people file bankruptcy under the Bankruptcy Code.

Chapter 7

Commonly known as a “liquidation” or “straight bankruptcy”.

Under a Chapter 7, you turn over all of your non-exempt assets or property to a bankruptcy Trustee who sells and distributes the proceeds to the unsecured creditors such as credit card companies, medical bills or loans. In majority of Chapter 7 cases the assets are exempt so the debtor loses nothing. Once the case is filed you usually are granted a “discharge” of the debt about 90-100 days later. Some debt cannot be discharged such as student loans, spousal and child support, criminal restitution, drunk driving related accidents and some tax debts. You must qualify for a Chapter 7 based on household size and income through a process called the “Means Test”. This test is often used to determine eligibility to file for bankruptcy under Chapter 7 . If you are ineligible to file under this chapter, you may be able to file under Chapter 13 and still get the benefits of filing. In some cases a person may not qualify for a Chapter 7 Bankruptcy because the exceed the income requirement or they have already filed a Chapter 7 Bankruptcy in the last 8 years. In cases like these a Chapter 13 Bankruptcy can be filed.

Chapter 13

Commonly known as a personal “re-organization bankruptcy that preserves your assets such as your house or car.

The Chapter 13 allows you to keep all of your property and restructure your debt over a period of time. You make monthly payments for 3 to 5 years to a Trustee according to a Chapter 13 Plan approved by the Bankruptcy Court. The Chapter 13 Plan may be used to stop late fees and penalties, to reduce interest rates, to pay off taxes, to catch up a mortgage, and even to catch up support payments. Tax debt that is non-dischargeable in a Chapter 7  can be paid back on an interest free payment plan in a Chapter 13. Chapter 13 Bankruptcy is the bankruptcy most people file when they are facing foreclosure or repossession.