Consumer Bankruptcy Lawyers in Mechanicsville, Virginia

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

Chapter 7 Bankruptcy in Mechanicsville, Virginia

There are 2 common forms of consumer bankruptcy in Mechanicsville, Virginia: Chapter 7 and 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types 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 types 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 Mechanicsville, Virginia debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Mechanicsville, Virginia

In Mechanicsville, Virginia, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, you should talk with a local Mechanicsville, 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 Mechanicsville

Mechanicsville, Virginia is an unincorporated community in Hanover County, with approximately 35,000 residents.

Mechanicsville is associated with several important battles during the American Civil War. These include the Battle of Beaver Dam Creek, The Battle of Gaines' Mill, and the Battle of Cold Harbor. Some of these battles are considered by historians to be very important turning points in the war.

As a result of these, and other important events from the time, Mechanicsville, Virginia is rich with historical sites, and professional and amateur archeologists frequently visit the old battlefields looking for artifacts. Mechanicsville, Virginia is also home to a local landmark - the large stone windmill which has been a fixture of the community since it was built in the 1970s. However, it fell into disrepair over the years. It was renovated in 2008, and fully restored to working condition.

If you live in Mechanicsville, Virginia and are in need of a good attorney, chances are you'll be able to find one. There are many Mechanicsville, Virginia lawyers (or lawyers from nearby) who can probably help you with just about any legal problem you might face.

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