Bankruptcy is a complex legal process that can help individuals and businesses who are struggling with debt. If you are considering filing for bankruptcy, it is important to consult with an experienced bankruptcy lawyer in Virginia Beach.
What is bankruptcy?
Bankruptcy is a legal process that allows people to discharge their debts or create a repayment plan. There are two main types of bankruptcy: Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is a liquidation bankruptcy, meaning that the debtor's non-exempt assets are sold to pay off their creditors. Most debts are discharged in Chapter 7 bankruptcy, but there are some exceptions, such as student loans and child support.
Chapter 13 bankruptcy is a reorganization bankruptcy, meaning that the debtor creates a repayment plan to pay off their debts over a period of three to five years. At the end of the repayment plan, any remaining debts are discharged.
Do I need a lawyer to file for bankruptcy?
It is not required to have a lawyer to file for bankruptcy, but it is highly recommended. Bankruptcy laws are complex, and a lawyer can help you choose the right type of bankruptcy for your situation and guide you through the process.
How much does it cost to file for bankruptcy?
The cost of filing for bankruptcy varies depending on the type of bankruptcy you file and the complexity of your case. However, there are fee waivers available for low-income individuals.
What are the benefits of filing for bankruptcy?
Bankruptcy can provide a number of benefits, including:
- Stopping creditor harassment
- Preventing foreclosure and repossession
- Discharging debts
- Creating a repayment plan that is affordable
What are the drawbacks of filing for bankruptcy?
Bankruptcy can have some negative consequences, such as:
- Damaging your credit score
- Making it difficult to obtain a loan in the future
- Losing some of your assets
How can I find a good bankruptcy lawyer in Virginia Beach?
There are a number of ways to find a good bankruptcy lawyer in Virginia Beach. You can ask for recommendations from friends or family members, or you can search online for bankruptcy lawyers in your area. Once you have found a few potential lawyers, schedule a consultation to discuss your case.
What questions should I ask a potential bankruptcy lawyer?
Here are some questions you should ask a potential bankruptcy lawyer:
- How much experience do you have with bankruptcy cases in Virginia Beach?
- What type of bankruptcy do you recommend for my situation?
- What are your fees?
- What is your success rate?
- What can I expect during the bankruptcy process?
It is also important to feel comfortable with the lawyer you choose. Trust your gut and go with the lawyer who you feel confident can help you through this difficult time.
How to choose the right bankruptcy lawyer for you?
When choosing a bankruptcy lawyer, it is important to consider the following factors:
- Experience: Choose a lawyer who has experience handling bankruptcy cases in Virginia Beach.
- Reputation: Ask for recommendations from friends, family, or other professionals who have worked with bankruptcy lawyers in the past.
- Fees: Be sure to discuss the lawyer's fees upfront.
- Communication style: Choose a lawyer with whom you feel comfortable communicating.
Filing for bankruptcy can be a difficult decision, but it is often the best way to get out of debt and start fresh. If you are considering filing for bankruptcy, it is important to consult with an experienced bankruptcy lawyer in Virginia Beach.