Bankruptcy If you are facing a financial hardship, a foreclosure or garnishment, a pending Warrant in Debt or Judgment, and not sure whether bankruptcy is the only option or have questions like: whether to file bankruptcy under Chapter 7 or Chapter 13? Whether you will be able to retain possession of your home or your vehicle? Whether your spouse will be affected by your filing? No matter whatever your concerns are, we will discuss your unique situation and provide you with the options that best suit your needs. We will not only discuss the process and consequences of filing for bankruptcy, we will counsel you through the process of building up your credit again.

Mehnaz I. Khan Esq Our attorney, Mehnaz I. Khan, Esq., will help you to determine whether it is in your best interest to seek relief under bankruptcy at this time or if you have other options available. She will discuss your situation in detail and advice you the best option that fits your unique situation. She will also discuss with you the ways to get your credit back on track.

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There are two kind of consumer bankruptcy:

1. Chapter 7 - Chapter 7 Bankruptcy, also known as No-Asset Bankruptcy, is available to a consumer whose income is below the median income and who does not have any assets available to be distributed among the creditors. However, that does not mean that the debtor has to be dirt poor in order to be qualified to seek relief under this chapter. The Bankruptcy Code allows every debtor to retain certain real and personal property in the event of a Chapter 7 discharge, e.g., primary residence held as tenancy by entirety, almost all of debtor’s retirement accounts, a vehicle, certain bank accounts, etc.

The process of filing for bankruptcy is simple. When a bankruptcy petition is filed, a Bankruptcy Trustee is appointed to the case and a meeting of creditors is scheduled by the Bankruptcy Court. The debtor and his attorney are required to attend that meeting. At the meeting, the Trustee determines whether there are any of debtor’s assets available for distribution to the creditors. If no assets are available, the Trustee issues a No Distribution report. It is important to note that an automatic stay comes into affect the moment a debtor files for bankruptcy. Contact us to discuss the process and to determine if you will be qualified to get a relief under this Chapter without forfeiting any of your assets.

Bankruptcy Law

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2. Chapter 13 - Chapter 13 is available for a consumer who owns asset(s) and whose income is above the median income. This Chapter is suitable for a debtor who wishes to retain the asset(s) which would not be otherwise allowed to retain under Chapter 7. However, in order to be qualified to get a discharge under this Chapter the debtor has to have a monthly disposable income. A 3 year or a 5 year plan is normally proposed to the Trustee and upon approval debtor makes regular payments to the Trustee through the expiration of the plan term. At the end of the term, the debtor gets a discharge.

The process of filing for Chapter 13 Bankruptcy is simple. Similar to Chapter 7, a meeting of creditor is scheduled. Debtor and his/her attorney are required to attend this meeting. The Trustee reviews the Plan and makes recommendations. Contact us if you wish to learn more about filing for Chapter 13 bankruptcy. We will review your situation and guide you as to what relief is appropriate for you.

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We are here for all your Bankruptcy Law needs. We serve throughout the Northern Virginia area.

Special discounts for the members of the military and their families.

Disclaimer: Kublan Khan PLC is a debt relief agency. We help clients file bankruptcy relief under the Bankruptcy Code. Although most of the information contained in this website is legal in nature, nothing herein shall be construed as a legal advice or the establishment of an attorney client relationship.

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