Find a Bankruptcy Lawyer in Blacksburg, Virginia

Find the right Bankruptcy attorney in Blacksburg, VA

Bankruptcy in Blacksburg, Virginia is a court procedure which allows an individual or business who is drowning in debt to be absolved 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 minimal 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 Blacksburg, Virginia bankruptcy lawyer. Your Blacksburg bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional advice as to whether or not it's a good option, given your individual circumstances.

Types of Bankruptcy in Blacksburg, Virginia

In Blacksburg, Virginia, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Blacksburg, Virginia will be very similar to those in any other part of the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is fulfilled, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

Under Chapter 13 bankruptcy in Blacksburg, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. 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 executed, this plan must be approved by a majority vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Blacksburg Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Blacksburg

Blacksburg is a town located in the county of Montgomery in Virginia. It is best known for being the home to Virginia Polytechnic Institute and State University, or simply, "Virginia Tech". Due to the presence of the university, Blacksburg is an ideal site for high tech industry development.

Another feature of Blacksburg is the Virginia Tech Corporate Research center, which houses many companies including Honeywell and the National Weather Service. Radford University is also located nearby. Blacksburg's population is estimated to be about 41,000, which reflects the suburbanization of the area.

Noteworthy points of interest in the town of Blacksburg include Lyric Theatre, Armory Art Gallery, Virginia College of Osteopathic Medicine, and the Hahn Horticulture Garden. The town hosts several festivals and parades throughout the year. Some of the more popular events include The International Street Fair Parade held every spring, and "Steppin' Out", which is a summer street festival showcasing local food, fun, talent and crafts.

Blacksburg lawyers are usually accommodated by the Montgomery General District Court. Lawyers in Blacksburg, Virginia with more advanced claims can file their cases at the Montgomery County Circuit Court. Montgomery County also has an extensive public library system, with a branch conveniently located in Blacksburg.

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