Bankruptcy has been given a negative connotation over the years; it was associated with economic failure and was the kiss of death socially. That has all changed and these days the act of filing for bankruptcy is seen as a practical method of dealing with an individual’s financial burden that has become unsupportable under their current circumstances. Bankruptcy laws were passed to provide assistance in just such instances and an experienced bankruptcy attorney in Arlington VA can assist you if you find yourself considering this kind of financial relief. Following a free initial consultation, an attorney will decide if bankruptcy is an appropriate choice for you, based on your current circumstances. If bankruptcy is decided upon, the attorney will determine which type will work best for your specific situation. No matter which type of bankruptcy is decided upon, as soon as it is filed in court, an “automatic stay” goes into effect that will put a stop to the harassing phone calls and letters from your creditors.
Filing for bankruptcy under chapter 7 can help you out if you have become completely overwhelmed by accumulated debt and you have no real expectation of being able to pay it off, due to your current financial status. Some of your assets may have to be sold off, but a large number of them are considered exempt and cannot be touched. The amount of money that you pay to your creditors is determined during negotiations between your Bankruptcy Attorney in Arlington, VA and the court, but it is generally less than the outstanding balances.
A chapter 13 bankruptcy is usually more appropriate for those who have become devastated by debt, but are still able to make their day-to-day living expenses; they are just unable to pay off their financial obligations. Under this process, your attorney will work with your creditors to come up with a plan that the court will approve. Under this type of plan a certain percentage of the debt is discharged. You will still be liable for the remainder of the debt, but these plans will prevent you from losing your home or other assets.
Filing for Bankruptcy in Arlington doesn’t carry the stigma it once did and the legal professionals at the Andrews Law Firm will use all of their resources to help you take those first small steps toward financial recovery.
Be the first to like.