Find a Bankruptcy Lawyer in Virginia Beach, Virginia

Find the right Bankruptcy attorney in Virginia Beach, VA

Bankruptcy in Virginia Beach, Virginia is a court process which allows an individual or business who is drowning in debt to be relieved 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 little 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 experienced bankruptcy lawyer in Virginia Beach, 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 individual case, the counsel of a Virginia Beach bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Virginia Beach, Virginia

In Virginia Beach, Virginia, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Virginia Beach, Virginia will be similar everywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and numerous classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other frequent bankruptcy scheme used by consumers in Virginia Beach is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.

How Can a Virginia Beach Bankruptcy Lawyer Help?

The need to weigh all the options and consider the costs and benefits of applying for bankruptcy in Virginia Beach cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Virginia Beach bankruptcy attorney beforehand.

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Life in Virginia Beach

Virginia Beach, Virginia is a popular tourist town located on the Atlantic Ocean in the southeastern corner of Virginia. The city is home to an estimated population of over 440,000 residents and is the most populated city in all of Virginia. It is also the 41st largest city in the United States.

Virginia Beach is best known as a resort city and has beaches that stretch for miles with hotels, restaurants, and clubs crowding the ocean front for residents and visitors to enjoy. In fact, Virginia Beach is in the Guiness Book of World Records for having the longest "pleasure beach" in the world. Real Estate and tourism are the two biggest components to Virginia Beach economy. In addition to expansive beaches, the city is also home to 210 parks within it's city limits.

Virginia Beach is also home to a major fighter jet base for the U.S. Navy -- Naval Air Station Oceana which also helps drive the Virginia beach economy. Of the 11 public high schools in Virginia Beach one provides students with some interesting legal training. First Colonial High School has a legal student academy giving high school students classes in legal research and writing, intro to the law, and other law-based classes to prepare the students for a legal job. With a focus on the law at such a young age, it is no wonder that there are so many great lawyers in Virginia Beach. Virginia Beach lawyers are trained at some of the best schools in the country and with legal training as young as 14, it is no wonder that Virginia Beach lawyers are so good at what they do!

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