Find a Bankruptcy Lawyer in Annandale, Virginia

Find the right Bankruptcy attorney in Annandale, VA

Bankruptcy in Annandale, Virginia is a court process which allows an individual or business who is drowning in debt to be relieved of their legal requirement 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 requirement. It is designed to prevent debt which has little 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 Annandale, Virginia bankruptcy lawyer. Your Annandale bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional opinion as to whether or not it's a good option, given your particular circumstances.

Types of Bankruptcy in Annandale, Virginia

In Annandale, Virginia, there are three basic bankruptcy schemes that are most commonly used. They are known as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Annandale, Virginia will be very similar to those in any other part of the United States. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, 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 numerous 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 typically used bankruptcy system in Annandale 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 authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements 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 usually a better option for people who have a steady income. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.

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

How Can a Annandale Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Annandale is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Annandale bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Annandale

Annandale is one of the larger communities in Fairfax County, Virginia, with a population of about 55,000.

Quite a few technology companies have headquarters or major offices in Annandale. In addition to high-tech companies, many large multinationals have offices in Annandale, Virginia. This creates a significant demand for skilled labor in the area.

Annandale is also known for its ethnic diversity, particularly its large Korean population. In downtown Annandale, there are over 900 Korean-owned businesses, and the success of these businesses, and the Korean community as a whole, are a testament to the endurance of the American Dream.

Given its size, diversity, and saturation with businesses, Annandale, Virginia has a large number of lawyers. Annandale, Virginia lawyers likely need to handle issues ranging from simple divorce or child custody disputes, up to complex intellectual property matters (mostly for the technology companies located there). There are plenty of individual lawyers, as well as law firms, in Annandale, Virginia who can handle whatever legal issue you might have.

Also, Annandale's relative proximity to the University of Virginia, which boasts one of the most well-regarded law schools in the country, ensures that you are in a region which holds its lawyers to extremely high standards.

Whatever your legal issue, there is probably the right Annandale, Virginia lawyer to help you.

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