Consumer Bankruptcy Lawyers in Lynchburg, Virginia

Find the right Consumer Bankruptcy attorney in Lynchburg, 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 Lynchburg, Virginia bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Lynchburg, Virginia

There are 2 common types of consumer bankruptcy in Lynchburg, Virginia: Chapter 7 and 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is discharged. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Lynchburg, Virginia debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Lynchburg, Virginia

Chapter 13 Bankruptcy in Lynchburg, Virginia is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Lynchburg, 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.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Lynchburg, Virginia. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Lynchburg

Lynchburg is part of the Commonwealth of Virginia with an approximate population of 75,600 people. It is located near the Blue Ridge Mountains and James River. Popular nicknames include the "City of Seven Hills" and "The Hill City."

Popular sites of the city include Poplar Forest, Amazement Square, the Lynchburg Museum, Point of Honor, Miller-Clayton House, Peaks of Otter, Blue Ridge Parkway, James River Heritage Trail and Nature Zone.

Lynchburg is home to many practicing, competent attorneys who practice in practically all areas of law. Therefore, residents do not have to travel far to have their legal needs taken care of.

Famous residents include Luke Jordan, Cedric Peerman, Faith Prince, Charlie Thomas, Skeet Ulrich, Phil Vassar, George H. Walker, Randall Wallace, and Robert E. Withers.

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