Consumer Bankruptcy Lawyers in Hampton, Virginia

Find the right Consumer Bankruptcy attorney in Hampton, 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 governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Virginia are often the same as anywhere 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 Hampton, Virginia bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Hampton, Virginia

There are 2 common forms of consumer bankruptcy in Hampton, Virginia: Chapter 7 and 13. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is discharged. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, essential personal items, and retirement accounts.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Hampton, Virginia. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Hampton, Virginia

Chapter 13 Bankruptcy in Hampton, Virginia is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each individual case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Chapter 13 is usually a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

In any case, you should talk with a local Hampton, Virginia bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Hampton

Hampton is located in southeast Virginia, with a population of around 137,500 people. It is considered a major city and a part of the "Hampton Roads" area in Virginia. Neighboring waters include the Chesapeake Bay and the Atlantic Ocean.

Popular attractions include Buckroe Beach, Buckroe Fishing Pier, Downtown Hampton Historic District, Fort Monroe, Gosnold Hope Park, Hampton History Museum, Jacques Cousteau Centre, Langley Air Force Base, New American Theatre, Old Point Comfort, and Sandy Bottom Nature Park.

Famous residents include Jefferson Davis, Jeff Parker, Jerry Roursh, Jim Burrow, Jimmy F. Williams, and Michael Husted.

Hampton is home to many practicing attorneys who manage small law offices and firms, and provide personalized legal services in most, if not all, practice areas. Therefore, residents are well-taken care of when it comes to tending to their legal needs.

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