Find a Bankruptcy Lawyer in Arlington, Virginia

Find the right Bankruptcy attorney in Arlington, VA

Bankruptcy in Arlington, 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 Arlington, Virginia bankruptcy lawyer. Your Arlington 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 Arlington, Virginia

In Arlington, 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 Arlington, 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 Arlington 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.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.

How Can a Arlington Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Arlington easily. Before making any such decision, it would be highly advisable to contact an experienced Arlington bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Arlington

Arlington is located in Arlington County, Virginia. It is located south of the Potomac River, across from Washington D.C. Per the 2010 census, Arlington's population had reached 207,627 people.

Being so near Washington D.C., sites such as the Pentagon, the Department of Defense, and the White House are not too far away. Other landmarks in Arlington include the Arlington National Cemetery, the United States Air Force Memorial and the marine Corps War Memorial.

Top employers include the Virginia Hospital Center, US Airways, Lockheed Martin, BAE Systems, SRA International, SAIC, CACI, Boeing, Towers Watson, and Jacobs. Although the legal industry is not included, Washington D.C. is filled with many top-notch law firms that train attorneys from top law schools. Further, in Arlington itself, there are many small firms and law offices to tend to the legal needs of residents who do not want to travel to D.C.

All in all, Arlington offers a quaint atmosphere with a location central to the "big city attractions and advantages."

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