Consumer Bankruptcy Lawyers in Newport News, Virginia

Find the right Consumer Bankruptcy attorney in Newport News, VA

Bankruptcy allows an individual or business to get rid of some or all of its debt. Typically, 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 substantially 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 Newport News, Virginia bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Newport News, Virginia

There are 2 main types of consumer bankruptcy in Newport News, 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 the non-exempt property is sold, the rest of the dischargeable debt is cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Newport News, Virginia is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Newport News, Virginia

Chapter 13 Bankruptcy in Newport News, Virginia differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a prolonged period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Newport News, Virginia

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your particular situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Newport News, 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 Newport News

Newport News is home to many shipbuilding, military, and aerospace installations that fuel the local economy. Newport News is the end of CSX Railroad tracks owned by Fortune 500 giant CSX Transportation once known as the Chesapeake and Ohio (CO) Railroad. The two Newport News industrial parks have helped foster manufacturing and distribution industries that now help fuel the economy.

Newport News lawyers help solve all kinds of legal problems. Newport News isn't all business though, they city is home to countless historical sites, museums, and shopping thoroughfares. The Newport News Mariners' Museum is a world renown collection of over 35,000 pieces that include some works of art and a number of artifacts. Some of those artifacts are from the USS Monitor. The USS Monitor was an American Civil War ship credited with the first ironclad battle against the Confederate States Ship named the CSS Virginia. The Virginia War Museum, U.S. Army Transportation Museum, Peninsula Fine Arts Museum, and Ferguson Center for the Arts on the Christopher Newport University campus are other popular attractions in Newport News.

There's 35 city parks in Newport News but most tourists visiting are boaters who visit one of the cities two boat ramps: Denbigh Park Boat Ramp and Hilton Pier/Ravine. The area is know for having outstanding trout fishing. There are camping, archery, Frisbee golf, and picnic areas with barbeque pits available for residents and tourists too.

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