Consumer Bankruptcy Lawyers in Norfolk, Virginia

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

Chapter 7 Bankruptcy in Norfolk, Virginia

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

Chapter 13 Bankruptcy in Norfolk, Virginia

Chapter 13 Bankruptcy in Norfolk, Virginia differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. 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 Norfolk, Virginia

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

Of course, you should always seek the counsel of an experienced local Norfolk, Virginia bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Norfolk

Norfolk is Virginia's second-largest city. It is an independent city, and therefore not part of any county. It currently has a population of about 233,000 people.

Norfolk, Virginia was founded as an English colony in the 1620s, during the early days of English settlement in North America. By the time of American independence, Norfolk was considered one of the wealthiest cities in Virginia, owing its prosperity mostly to the burgeoning tobacco industry.

Modernly, Norfolk is coming out of some hard economic times. It is currently in the throes of a major urban renewal project, aimed at attracting businesses and residents back to its urban core. Norfolk's economy has been sustained by the presence of a naval shipyard, as well as a major commercial port, both of which provide thousands of jobs. Norfolk is also home to the headquarters of several Fortune 500 companies.

Because of its economic and demographic diversity, Norfolk, Virginia, there is a thriving and sophisticated legal community there. Norfolk, Virginia lawyers are capable of handling just about any legal problem a person might have. If you have any legal issues, you should contact a Norfolk, Virginia lawyer as soon as possible.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY