Bankruptcy Attorney Rocky Mount VA
Here is a situation that no adult ever wants to come face to face with. For some time now, you haven’t been able to keep up with your bills and other credit repayments. This is a scary situation to be in as you may not know the way forward. You may not be able to turn to the people around you. They may not be of much help to you in this situation. You could be facing a foreclosure. Luckily, the law does have provisions that can help you through this crisis. What, or rather, who, you can turn to, however, is a bankruptcy lawyer. Bankruptcy attorney Rocky Mount VA can help you get back on track.
Bankruptcy Lawyer in Rocky Mount VA
When mortgage payments and other bills become impossible to pay, filing for bankruptcy may make sense. Yet it’s usually not your only option. Clients come to the office of Tonya L. Janney for sound, strategic advice. But why exactly would you need a bankruptcy attorney?
Should You File or Not?
Do I really need a bankruptcy attorney? While you are going through a crisis, it’s human nature to want to grab the easiest lifeline that you can reach. This usually works, but not always. There may be other options to help with debt relief, instead of defaulting to bankruptcy.
This is why a bankruptcy lawyer is handy. They would be in a better position, and not emotionally involved, to be able to guide you as to whether you do need to file for bankruptcy, or whether you have other options available to you.
What Type of Bankruptcy Should I File For?
While in the English dictionary bankruptcy will usually have a singular meaning, under law, they are viewed as separate things. This is because there are four different sections that govern bankruptcy. These are:
- Chapter 7 bankruptcy: This section governs how assets will be liquidated and paid to the creditors.
- Chapter 11 bankruptcy: This section gives the debtor the option to reorganize their holdings and come up with a plan to pay back the debts.
- Chapter 12 bankruptcy: This one is specific to farms or fisheries. It gives owners the option to reorganize without having to lose their farm.
- Chapter 13 bankruptcy: This is best for homeowners as it staves of foreclosure. It allows an individual to restructure and pay their debts within three to five years.
A bankruptcy lawyer will assess your situation and help you decide which type of bankruptcy you should be looking to file under.
The Odds of Acceptance
The entire bankruptcy process was designed so that it would be easy for an individual to walk into a courthouse, fill in the documents, and file. However, that is no guarantee that the bankruptcy application will go through.
The bankruptcy filing process will involve a lot of paperwork. This is usually where most individuals lose their applications because it is very easy to fill in the wrong information, or even ignore entire sections.
A bankruptcy lawyer is your best bet to get things right. They will handle all the paperwork for you. By using their knowledge of the system and how it works, they can then fill in the documents with the correct information. This may be all that the judge will need to consider and grant your bankruptcy filing.
Why You Need a Bankruptcy Attorney Rocky Mount VA
The Law Allows for a Fresh Start.
Chapter 7, sometimes called straight bankruptcy, puts certain kinds of debt into total liquidation.
Chapter 13 allows for payment of some debts from your regular earnings. Keep your property and stop foreclosure, by lowering your personal debt through a payment plan spanning 3 to 5 years.
A bankruptcy case begins with a petition in federal bankruptcy court. Many legal steps follow. With guidance, you’ll take them one by one until the court orders the debts discharged.
Debt Piling On? Don’t Give Up on Your Business.
Yes, business owners and farmers too can press the “refresh” button. With expert guidance, you can keep your life’s work alive while paying your debts over time.
Businesses including sole proprietorships can reorganize their debts under Chapter 11. An individual or couple with a farm or a fishing business can file under Chapter 12.
You Have Options.
Obligations to your creditors can be modified outside of bankruptcy court. That said, if you’re considering a consumer credit service, proceed with caution. As the Virginia State Bar warns, not all “credit rescue” firms are honest.
Not sure where to start? Contact me for a complimentary initial consultation. I can help you overcome debt, and regain financial control.
Just like with Family Law & Divorce, I help people and families that are in debt and may need to file for bankruptcy.