Find a Bankruptcy Lawyer in Alexandria, Virginia

Find the right Bankruptcy attorney in Alexandria, VA

Bankruptcy in Alexandria, Virginia is a court proceeding which allows an individual or business who is drowning in debt to be discharged of their legal obligation to pay off some or all of their debt. Hopefully, this will allow both the debtor and creditors to move on with their lives. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has slight chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

Accordingly, you should speak with a good Alexandria, Virginia bankruptcy lawyer. Your Alexandria bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional evaluation as to whether or not it's a good option, given your specific circumstances.

Types of Bankruptcy in Alexandria, Virginia

In Alexandria, Virginia, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Alexandria, Virginia will be very similar to those in any other part of the United States. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is done, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and many classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other commonly used bankruptcy system in Alexandria is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Alexandria Bankruptcy Lawyer Help?

Filing for bankruptcy in Alexandria is a very important decision, and should not be made lightly. Before filing, one should consult with a good Alexandria bankruptcy attorney for assistance.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Alexandria

Alexandria, Virginia is one of the oldest cities in the U.S. Incorporated in the year 1779, it played a major role in many early American historical events. Visitors to the area can learn about the city's early days at various museums and historical homes.

The city's rich history is preserved in "Old Town" Alexandria. This historic center is a major attraction for tourists with its many antique theaters, shops, boutiques, and eateries. Market Square is located in Old Town and is considered by many to be the oldest operating marketplace in the U.S.

Many other neighborhoods in Alexandria retain a similar atmosphere of charm and peacefulness. In 2008, Alexandria, Virginia was officially named an "Eco-City", while at the same time retaining its historical character.

Due to its proximity to the U.S. capital, many residents of Alexandria are professionals working for the federal government and the U.S. military. The patent and trademark industry are also an integral part of Alexandria's flourishing economy. Several non-profit groups have their national headquarters in the city, including the Salvation Army and United Way.

Lawyers in Alexandria, Virginia offer legal services in both general and specialized areas of law. Alexandria lawyers deal with a variety of legal matters that are unique to the local area.

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