Consumer Bankruptcy Lawyers in Staunton, Virginia

Find the right Consumer Bankruptcy attorney in Staunton, VA

Bankruptcy allows an individual or business to get rid of some or all of its debt. Usually, 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 considerably 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 Staunton, Virginia bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Staunton, Virginia

In Staunton, Virginia, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part 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 typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some forms of debt, however, can't be excused in Chapter 7 Bankruptcy in Staunton, Virginia. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Staunton, Virginia

Chapter 13 Bankruptcy in Staunton, Virginia is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each distinct case. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

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

Of course, you should always seek the counsel of an accomplished local Staunton, 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 specific situation.

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Life in Staunton

The city of Staunton is located in Augusta County, Virginia. It is a relatively older community comprised of about 23,000 residents. It was incorporated in 1871. Staunton was first settled by merchants, and its economic beginnings can be traced to the fields of trade, industry, and transportation. The city is locally known for being the birthplace of former U.S. President Woodrow Wilson.

Currently Staunton is an ideal tourist destination, as it has five separate districts with many sights to see. The arts and culture contribute greatly to Staunton's atmosphere, as can be seen by the American Shakespeare Center. The Center is home to the only replica of Shakespeare's Blackfriars Theatre in existence. Strict building codes have preserved much of Staunton's unique early-American architecture. This makes it a popular location for film and T.V. settings.

Staunton residents can enjoy many of the city's outdoor festivals and parades, such as the 4th of July Celebration. Country music is a favorite for many locals, as the city has produced many top-notch artists. The city is a genuine reservoir of American culture and history. Besides President Woodrow Wilson, Staunton has been the hometown of several lawyers, senators, and legislators throughout history.

Staunton lawyers typically file their cases at the Staunton General District Court located in the city. Many lawyers in Staunton, Virginia frequently participate in the city's many community service and outreach programs.

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