Consumer Bankruptcy Lawyers in Reston, Virginia

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

Chapter 7 Bankruptcy in Reston, Virginia

In Reston, Virginia, there are 2 commonly-used forms of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of some of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This normally includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Reston, Virginia is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Reston, Virginia

Chapter 13 Bankruptcy in Reston, Virginia is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each particular 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 contracts that gave rise to the debt in the first place. This results in an altered 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 Reston, Virginia

Chapter 13 is normally 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 Reston, Virginia bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely outcome. This will make it much easier for your to make an informed choice.

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Life in Reston

Reston is known internationally for its meticulous planning that aimed at changing post World War II concepts of how to utilize land and create a residential/corporate development in suburban America. That probably why 64,560 Fairfax County residents chose the standout community. It could also be because the schools are so great in the area. There are a number of public and private options and even several opportunities for higher education. Reston has a high proportion of college educated adults, 67%. You can understand then why the average household income is ,221. Reston has a great selection of lawyers who are familiar with local courts. Since Reston is so close to Washington D.C., many Reston lawyers have been licensed in multiple states. Celebrity and political figures live in Reston for the same reasons. Some notable residents of the city include mystery fiction writer Donna Andrews, songwriter and producer to Katy Perry and Britney Spears Benny Blanco, and Delegate Kenneth R. Plum.

Reston has seen much interest and money invested into the city by various technology and Fortune 500 corporations like NII and Sallie Mae. The United States Geological Survey, CNRI, and the National Wildlife Federation are all based out of Reston. Rolls Royce, Google, and other companies recently began putting large installations into the Reston Town Center area. The four-mile direct access from the Washington Dulles International Airport along the Capital Beltway is free. The international companies recognize the savings and also give back to the community. Reston properties are highly sought after because it's such a thriving city with lots of opportunities.

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