Find a Bankruptcy Lawyer in Salem, Virginia

Find the right Bankruptcy attorney in Salem, VA

Bankruptcy in Salem, Virginia is a court proceeding which allows an individual or business who is drowning in debt to be discharged of their legal requirement to pay off some or all of their debt. Hopefully, this will allow both the debtor and creditors to move on with their lives. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal requirement. It is designed to prevent debt which has slight chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

Therefore, it is a good idea to talk with an veteran bankruptcy lawyer in Salem, Virginia. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each distinct case, the counsel of a Salem bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Salem, Virginia

There are three basic bankruptcy schemes that are most commonly used in Salem: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Salem, Virginia will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other form of bankruptcy most frequently used in Salem is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Salem Bankruptcy Lawyer Help?

Filing for bankruptcy in Salem is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Salem bankruptcy attorney for assistance.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Salem

Salem, Virginia is an independent city in central Virginia. It is physically located within the borders of Roanoke County, but as an independent city, it is not actually part of the county, nor under that county's jurisdiction. Nonetheless, the county courthouse is located in the city. Salem has a population of about 25,000 people.

Archeological digs show clear evidence of human habitation of the Salem area dating as far back as 8000 BCE (about 10,000 years ago). The first European settlements of Salem came in 1671, and it went on to serve important historical roles in the American Revolutionary War, and the Civil War. The city was officially founded in 1802, and to this day continues to preserve its small-town character in its beautiful natural setting.

Salem is faring pretty well economically - its median household income is about ,000 per year, and less than 7% of residents live below the poverty line, comparedto the nationwide rate of around 15%.

Salem, Virginia has a legal community that is dedicated to meeting the legal needs of the town's residents. If you need any legal services whatsoever, you should not hesitate to call a Salem, Virginia lawyer.

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