What to do When Facing Bankruptcy in Richmond, VA

Everyone is afraid of the term bankruptcy. It feels like a curse, something that you only do as the very last resort, something you do out of desperation. But the fact is that not every bankruptcy is a doom and gloom scenario. In fact, for many people in Richmond, VA, bankruptcy is simply your best move considering the circumstances. It will probably be your last resort, but that doesn’t mean you should be afraid of bankruptcy in Richmond, VA, especially considering the harsh economic times we’ve had over the past 6 years. Bankruptcy may be a good option, depending on your circumstances.

What is Bankruptcy?

The type of bankruptcy you qualify for is going to depend on the situation you are in. If you are found to be not at fault and you simply need to re-organize your debt with a more realistic payment plan, Chapter 13 bankruptcy may be an option for you. A large portion of your debt may be forgiven, and you may be in a much better situation to pay off the remainder if you file for Chapter 13 bankruptcy. In Richmond, VA, this is not uncommon and it can be seen as a reasonable way to deal with an unreasonable debt situation.

Chapter 7 bankruptcy is the most common form of bankruptcy filed here in Richmond and around the country. You may lose any assets you have, but in exchange you can potentially walk away debt free. Many people who are deep underwater with their home mortgages decide to let the home go, along with what they owed on the home, in order to start fresh and work toward a better future.

Do You Need a Bankruptcy Lawyer in Richmond, VA?

Bankruptcy lawyers can be a huge help when deciding whether or not bankruptcy is the right choice for you. They can work through your financial situation with you, deciding which type of bankruptcy is most likely to be successful and which will put you back on the right track. Your options may be limited, but bankruptcy isn’t as terrible an option as it may seem. Consider that many large corporations go through bankruptcy and come out the other side more successful than before, simply because they restructured debt and were then better able to use assets and increase revenue.

If you are uncertain if bankruptcy in Richmond, VA is the right path for you, it pays to get in touch with a bankruptcy lawyer who knows just how bankruptcy would affect you.

For lawyers who work specifically with bankruptcy in Richmond, VA, contact North & ASsociates, PC. Their experience will help you work through bankruptcy and move on.

bankruptcy in Richmond, VA

bankruptcy in Richmond, VA

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