Starting Over with the Help of a Virginia Beach Bankruptcy Attorney
The very thought of filing for bankruptcy is enough to upset anyone. However, fear is usually caused by a lack of knowledge, which is why working with a Virginia Beach bankruptcy attorney is so imperative. In addition to becoming more educated about the different options, you will be guided through the entire process by a highly trained legal professional.
Bankruptcy in Virginia Beach has always been complex but after new laws were implemented 10 years ago, qualifying criteria became even more challenging. As a result of these changes, some people who could have filed for bankruptcy earlier no longer have that protection. Although there are definite risks that go hand-in-hand with a bankruptcy this is also a chance to start fresh.
Identifying the Right Solution
For partnerships and corporations, hiring a Virginia Beach bankruptcy attorney is mandatory but for you as an individual, you have the option of representing yourself or hiring a lawyer. The problem is that unless your bankruptcy is handled right, you could face some very serious consequences. To ensure you walk away from the current financial situation with a solid plan for the future, it is always best to work with an attorney.
Remember, even a simple Chapter 7 bankruptcy involves a tremendous amount of paperwork to include financial documents, a lot of research about applicable laws, and even follow up for local rules and regulations. Considering that you are already in a difficult situation, the last thing you need is to feel even more stressed.
When it comes to a bankruptcy in Virginia Beach, rules are highly technical so one small misstep could have a huge impact on your rights. As an example, if you were required to file a credit counseling certificate but failed to do so, your right to file another case or perhaps lose protections associated with a later case could be revoked.
A common mistake that people make when filing for bankruptcy in Virginia Beach without using the services of a qualified attorney is not including all debt. Sometimes, people think small debts are not relevant or a debt that should be included is accidentally overlooked. When that happens, there is risk of the debt not being discharged.
Now, if you have to file for a Chapter 13 bankruptcy in Virginia Beach, things become even more complex. However, by working with a reputable attorney, there is a strong likelihood of major debt being discharged. For instance, if you are behind on payments for a first mortgage and you have a second mortgage that is worth less, the bankruptcy may discharge the second mortgage. Known as “loan cram down”, a bankruptcy attorney in Virginia may be able to negotiate your car payment based on current value opposed to the amount you own on the loan.
Of the two primary bankruptcy options, Chapter 7 and Chapter 13, with the latter a proposed repayment plan must be devised. This is just one criterion for this particular type of bankruptcy, which can be very difficult to do. Regardless of which option is deemed best for your situation, you want a solid bankruptcy attorney in Virginia Beach in your corner.
To learn more about bankruptcy and other legal rights pertaining to financial issues or to locate a great bankruptcy attorney in Virginia Beach, you can always contact Bankruptcy-America or search local services that provide the same type of information.[i]
[i][i] Legal Consumer – http://www.legalconsumer.com/bankruptcy/filing-bankruptcy.php?CITY=Virginia+Beach&ST=VA