Bankruptcy can be a complex and daunting process, but it can also be a lifeline for people who are struggling with overwhelming debt. If you are considering filing for bankruptcy in Virginia Beach, it is important to hire an experienced bankruptcy lawyer to help you navigate the process and protect your rights.
How to Choose a Bankruptcy Lawyer
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.
- Reputation: Ask for referrals from friends, family, or other professionals. You can also read online reviews of different lawyers.
- Fees: Be sure to ask about the lawyer's fees upfront. Some lawyers charge a flat fee, while others charge an hourly rate.
Types of Bankruptcy
There are two main types of bankruptcy: Chapter 7 and Chapter 13.
- Chapter 7 bankruptcy: Chapter 7 bankruptcy is known as a "liquidation" bankruptcy. In Chapter 7 bankruptcy, your non-exempt assets are sold to pay off your debts. Any remaining debts are discharged, meaning that you are no longer legally obligated to pay them.
- Chapter 13 bankruptcy: Chapter 13 bankruptcy is known as a "repayment" bankruptcy. In Chapter 13 bankruptcy, you create a repayment plan with the court. You will then make monthly payments to the court for three to five years. At the end of the repayment plan, any remaining debts are discharged.
Which Type of Bankruptcy is Right for You?
The best type of bankruptcy for you will depend on your individual circumstances. If you have few assets and a lot of debt, Chapter 7 bankruptcy may be a good option for you. If you have assets that you want to keep, Chapter 13 bankruptcy may be a better option.
How to File for Bankruptcy
To file for bankruptcy, you must complete a series of forms and submit them to the bankruptcy court. You will also need to attend a meeting of creditors, where your debts will be reviewed. An experienced bankruptcy lawyer can help you with every step of the filing process.
Benefits of Hiring a Bankruptcy Lawyer
There are many benefits to hiring a bankruptcy lawyer, including:
- Expertise: Bankruptcy lawyers have the knowledge and experience to help you navigate the bankruptcy process and protect your rights.
- Representation: A bankruptcy lawyer will represent you in court and at meetings of creditors.
- Negotiation: A bankruptcy lawyer can negotiate with your creditors on your behalf to get the best possible outcome.
Cost of Hiring a Bankruptcy Lawyer
The cost of hiring a bankruptcy lawyer will vary depending on the lawyer's experience and the complexity of your case. However, it is important to note that the cost of hiring a bankruptcy lawyer is often much less than the cost of repaying your debts in full.
Conclusion
If you are considering filing for bankruptcy in Virginia Beach, it is important to hire an experienced bankruptcy lawyer to help you navigate the process and protect your rights. A bankruptcy lawyer can help you choose the right type of bankruptcy for your situation, file the necessary paperwork, and represent you in court.
