Find a Bankruptcy Lawyer in Danville, Virginia

Find the right Bankruptcy attorney in Danville, VA

Bankruptcy in Danville, Virginia is a court process which allows an individual or business who is drowning in debt to be relieved 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 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 Danville, Virginia bankruptcy lawyer. Your Danville 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 Danville, Virginia

In Danville, Virginia, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Danville, Virginia will be similar anywhere else in the U.S. 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 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 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 common bankruptcy scheme used by consumers in Danville is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively 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 advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operations, and to trade its stock.

How Can a Danville Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Danville 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 good Danville bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Danville

Danville is an independent city located in the heart of Southern Virginia and has lots of southern charm. Located on the shores of the Dan river, the city of Danville is host to many outdoor concerts and cultural events that makes the city of Danville a joy to visit all four seasons.

With a population close to 50,000 Danville encompasses 49.3 miles of Virginia. Millionaire's row is one of the more notable aspects of Danville, as the street is lined with well-kept former plantation homes and is a popular area for tourists to drive by during their visit to Danville. A testament to the city of Danville's civil war history, there are many opportunities for residents and visitors to enjoy and explore. There is also a minor league baseball team in Danville-- the Danville Braves.

Danville, Virginia is also home to many fantastic lawyers. Lawyers in Danville specialize in a range of legal issues and are available to serve their local clients. Whether it is real estate issues, contract law, or family law Danville lawyers are competent in every legal issue that you may be presented. Danville lawyers are available for you today.

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