Consumer Bankruptcy Lawyers in Arlington, Virginia

Find the right Consumer Bankruptcy attorney in Arlington, VA

Bankruptcy allows an individual or business to get rid of some or all of its debt. Generally, bankruptcy should only be considered when the debt is completely unmanageable, impossible to pay off, and there are no other options. However, in some cases, the benefits of bankruptcy can significantly outweigh the costs. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Virginia are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Arlington, Virginia bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Arlington, Virginia

There are 2 common types of consumer bankruptcy in Arlington, Virginia: Chapter 7 and 13. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Arlington, Virginia.

Chapter 13 Bankruptcy in Arlington, Virginia

In Arlington, Virginia, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Arlington, Virginia

This depends entirely on the facts of your particular case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Regardless of your situation, you should speak with an attorney in Arlington, Virginia who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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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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