Bankruptcy

Serving Over Seven Counties in Southwestern Virginia and the New River Valley

Contrary to popular belief, bankruptcy is not a sign of moral weakness or personal failure. The majority of people who file for bankruptcy fully intend to repay their debts, but are unable to do so due to circumstances beyond their control. Let us explain how bankruptcy can:
  • Stop foreclosure and allow you to save your house despite mortgage default.
  • Stop wage garnishment so you can keep the current income you need to live on.
  • Stop bank account levies and other aggressive actions by creditors.
  • Stop creditors’ harassing phone calls and other forms of intimidation.
Filing bankruptcy does carry consequences, but it can allow you to bounce back and restore your credit more quickly and decisively, too.

Which Type Of Bankruptcy Suits Your Circumstances?

Once you choose bankruptcy as the most effective debt relief solution available, you and your attorney will jointly determine which type of bankruptcy best fits your situation.
Bankruptcy Document — Wytheville, VA — Scot S. Farthing Attorney at Law, PC

  • Ch. 7 Bankruptcy

    Allows debtors to discharge unsecured debts, such as most medical bills and credit card debts. In addition, filing a bankruptcy petition puts an “automatic stay” into effect, an immediate halt on creditor harassment, collection efforts, wage garnishments and home foreclosure. To qualify for Chapter 7 bankruptcy, however, you must meet certain income restrictions. Your eligibility is determined by a “means test,” which measures your income against the state’s median average.

  • Ch. 11 Bankruptcy

    Primarily designed for both small and large businesses. Because of its unique flexibility and options, it can be a very effective tool for corporations, LLCs, partnerships, and other entities that need to catch up on delinquent real estate payments, tax debts, or other debts while keeping the business running.

  • Ch. 12 Bankruptcy

    Most often used for farmers or fisherman. Although similar to Chapter 11 in that debtors must create a three- to five-year repayment plan, Chapter 12 is tailored to be a less expensive, less complicated, and more streamlined process.

  • Ch. 13 Bankruptcy

    Court-supervised debt consolidation and reorganization, with a three- to five-year repayment period. At the end of that period, remaining debt can be discharged. This is a common debt relief solution for debtors with significant home equity, parents with back child support to repay, or taxpayers with tax arrearages to repay.

Contact Us To Discuss Bankruptcy As A Debt Solution

Attorney Scot S. Farthing and the rest of our legal team is prepared to handle your bankruptcy needs deftly and efficiently, always keeping your long-term financial goals and best interests in mind. Contact us today to schedule your free initial bankruptcy consultation.
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