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Virginia Bankruptcy Facts
Bankruptcy is a federal process that allows debtors to reduce or possibly even eliminate their debt under the protection of the U.S. bankruptcy court system. It is a tool used by both individuals and businesses who have amassed more debt than they can handle and need some help to pay back creditors. It is important for all petitioners to know that only debt that is unsecured, or not backed by assets, can be discharged. Debts stemming from domestic matters such as alimony or child support, student loans, certain tax liens, and fraud incidents are not eligible for dismissal under bankruptcy protection.
There are several types of bankruptcy chapters that can be filed in Virginia, but the two most commonly sought are Chapter 7 and Chapter 13 bankruptcies. Chapter 7 is known as liquidation bankruptcy because it eliminates debt in exchange for the liquidation of a debtor’s assets. Both individuals and businesses may qualify for this chapter and if they do, the case may be resolved in as little as three months.
The second most popular petition in Virginia is Chapter 13 reorganization bankruptcy, which is very different than Chapter 7. Instead of liquidating assets to pay down debt, debtors are placed on a repayment plan to reimburse creditors over a period of 3 to 5 years. Only individuals who have a steady income may file this chapter, unlike Chapter 7, which allows businesses to seek court protection as well. Choosing the right chapter for you involves careful consideration to your debt, how long you want to be in proceedings and whether you are ok with having some of your assets liquidated. Hiring a skilled bankruptcy lawyer will make this decision much easier.
How Virginia Bankruptcy Lawyers Help You Obtain Debt Relief
An experienced Virginia bankruptcy attorney will always help you choose the option that is best for your financial situation in order to reduce the maximum amount of debt in the shortest amount of time. When you work with an experienced attorney who knows everything there is to know about Virginia bankruptcy laws, you can rest assured your case will be resolved quickly and favorably.
Dealing with debt is not easy, but finding a top lawyer doesn’t have to be. We aim to make the process of finding your ideal attorney as simple as possible by providing you with connections to only the best bankruptcy attorneys in Virginia who will protect your rights and stand by your side throughout the entire duration of your case.
Contact one of our featured bankruptcy lawyers today to discuss your optimal debt relief options.