Consumer Bankruptcy Lawyers in Virginia Beach, Virginia

Find the right Consumer Bankruptcy attorney in Virginia Beach, VA

Bankruptcy allows an individual or business to get rid of some or all of its debt. Generally, 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 significantly 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 Virginia Beach, Virginia bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Virginia Beach, Virginia

In Virginia Beach, Virginia, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is discharged. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, essential personal items, and retirement accounts.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Virginia Beach, Virginia.

Chapter 13 Bankruptcy in Virginia Beach, Virginia

Chapter 13 bankruptcy in Virginia Beach, Virginia is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 does not eliminate 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 Virginia Beach, Virginia

This depends entirely on the facts of your particular 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.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Virginia Beach, Virginia. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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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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