Top Reasons You Should File For Bankruptcy In Richmond Va

If you are thinking about filing for Bankruptcy in Virginia, hopefully you will consult with Richmond Bankruptcy Attorney you can trust.  In today’s post, Richmond Bankruptcy Attorney Fisher-Sandler will explain top reasons you may consider filing for bankruptcy.

  1. You have a BIG second mortgage (about $75,000 to about $200,000.)
  2. The value of your house has fallen A LOT. Your house is now worth LESS than you owe on your first mortgage.
  3. You are committed to KEEP THIS HOUSE for ten years or more. For example, your children are eight and five years old, and you picked your neighborhood because of the middle school and high school the kids will attend.
  4. You have to DO SOMETHING. You can’t afford both mortgages and unless you get help somewhere, you are going to lose everything.

If all those apply to you, you are the best candidate for a Chapter 13 personal reorganization. In a Chapter 13 personal reorganization, you have to make a monthly payment to the bankruptcy court for five years (maybe three years but usually five) and then the second mortgage is completely gone from your house. That monthly payment (all the court thinks you can afford, according to the complicated formula in the 2005 bankruptcy law) covers the 2nd mortgage, the credit cards, and most tax problems for usually a lot less than you are paying for all that now. You have to pay the first mortgage (Obama’s proposal to let the bankruptcy court reduce the first mortgage was defeated in the Senate). And you have to eat and keep the electricity on and all that. We may be able to save you a little on the car payment.


You can call my office and schedule a free appointment. Our main number is: 703-335-7793. You can email me at You can find out more about me on my bankruptcy website

I talk to four or five people a week who are in a situation like yours. One or two decide a Chapter 13 is the way to go; a few more go Chapter 7 and plan to buy a different house when they get back to good credit; some decide to handle their problem without help from the bankruptcy court. In each case, we try to talk it over and lay out all the options to make the best choice.

Bankruptcy is all I do–and we have helped twelve thousand Northern Virginia families get relief under the bankruptcy code. You’ll like our friendly service with a smile.

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