subject: Woodbridge Va Bankruptcy Attorney [print this page] Common idea about bankruptcy is huge debt that can"t be resolved or a business that is overwhelmed with debt that it can no longer handle it or a person will be jailed because of bankruptcy. Quite frankly, this is not the truth. If you have analyzed your financial status and you think you cannot make ends meet or you are behind payments and you cannot catch up, this is where bankruptcy renders to be a wise option. The idea of bankruptcy is to provide help to people who are unable to pay their creditors get a fresh start. This is done by liquidating assets in order to pay their debts or by presenting a repayment plan that will be convenient.
Bankruptcy also protects troubled businesses, helping them by providing a schematic plan like liquidating assets to pay their debts to business creditors thru reorganization and liquidation. Most bankruptcy cases are filed under three chapters of Bankruptcy Codes "" Chapter 7, Chapter 11, and Chapter 13. The sole jurisdiction over bankruptcy cases are Federal courts therefore bankruptcy cases must be filed in a state court.
If you are in Woodbridge Virginia and you are in the verge of failure to pay your debts and cannot catch up on debt payments, you would want to consult a Woodbridge VA Bankruptcy Attorney. This is the wisest option you can make in order to fix your debt issues and to be able to make convenient arrangements with creditors on paying your debts. Though the idea of filing a bankruptcy is somewhat frightening, but you can get better understanding on the basics of bankruptcy and know your options before making a decision by consulting a bankruptcy attorney.
When you consult a Woodbridge VA Bankruptcy Attorney, he or she will explain to you how bankruptcy works and the whole concept of it. Basically, they will explain to you that bankruptcy is a legal process by which individuals or companies that has huge accumulated debt and is unable to pay can regain financial footing thru bankruptcy laws. But this will depend on what type of debt as well as the bankruptcy filed. By knowing these things, bankruptcy attorneys will be able to help in erasing debts.
But not all debts are eligible for elimination and these include child support or alimony, federal income taxes, federal student loans, wage owed, debts due to fraud/malicious acts/DUI and debts not discharged in a previous bankruptcy. All these things will be explained by Woodbridge VA Bankruptcy Attorney. By knowing everything about the bankruptcy law, you will be able to know your options and have a fresh start without worrying about how to pay your debts and bills and how to regain financial stability.
But keep in mind that you can only take advantage or use bankruptcy if you have completed all bankruptcy requirements like a documentation stating your entire financial situation "" assets, debts, income, expenses and proof of income for the previous 60 days. Also you will need to get credit counseling before filing bankruptcy or get additional counseling on financial management. There are just some of the requirements that you need to accomplish before filing and before your debts are erased. Not to mention that you need to have a good Woodbridge VA Bankruptcy Attorney too.
