Consumer Bankruptcy Lawyers in Roanoke, Virginia

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

Chapter 7 Bankruptcy in Roanoke, Virginia

In Roanoke, 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 Roanoke, Virginia is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Roanoke, Virginia

Chapter 13 Bankruptcy in Roanoke, 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 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

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

This depends entirely on the facts of your individual case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

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

Roanoke is considered the tenth-largest city in Virginia, with an approximate population of 97,000 people. It is located specifically in southwest Virginia, near Salem, Botetourt, Craig, and Franklin.

Top employers include Carilion Clinic, Wal-Mart, Anthem Blue Cross, and the school districts. The legal industry too has a presence via the attorney residents who practice law in small boutique firms or law offices. Thus, residents of Roanoke remain assured that their legal needs can be adequately handled.

Some nicknames of the city include "Star City," The Older Magic City," "Big Lick," and "Capital of the Blue Ridge."

Celebrity residents have included Tony Atlas, Tai Collins, Curtis Staples, John St. Clair, and J.J. Redick.

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