If you are considering filing for bankruptcy, you will need the assistance of a skilled and competent bankruptcy attorney Lexington, VA based. An attorney in your local area will have full knowledge of the laws in Virginia and will be able to advise you on how best to proceed. Depending on your financial situation, your bankruptcy attorney Lexington, VA located may make suggestions about which type of bankruptcy to file. Understanding the different options available to you will help you begin to move forward with the bankruptcy process and reach a positive financial solution.
Exploring a Chapter 7 Bankruptcy in Lexington, VA
Chapter 7 bankruptcy may be the best solution for you if you are having difficulty making ends meet and you are in danger of losing your personal assets. If you have been struggling for a long time to pay your bills and are reaching the point of overwhelm, you may want to seek out a local bankruptcy attorney Lexington, VA office and set up a free consultation. Your attorney will assess your financial situation to determine if you qualify for a Chapter 7 bankruptcy filing. They will inform you about the means test and what you will need to do to see if you qualify. Every debtor wishing to file a Chapter 7 bankruptcy will have to qualify for a means test and your bankruptcy attorney Lexington, VA located will be able to best advise you about how to proceed.
Considering a Chapter 13 bankruptcy in Lexington, VA
If you have sizeable assets that disqualify you from filing for Chapter 7 bankruptcy, you may find that a Chapter 13 bankruptcy is a better option for you. You will find that seeking a bankruptcy attorney Lexington, VA counseling service can be beneficial prior to filing for bankruptcy. Your lawyer can help you decide on a debt management strategy that you will propose to the courts when you are filing. A Chapter 13 bankruptcy requires that you put together a debt repayment plan that you are capable of paying within the next 3 to 5 years. In most Chapter 13 cases you will be able to hold on to your possessions such as your home and your car. Your bankruptcy attorney Lexington, VA based, will be able to best advise you as to whether or not you can file for Chapter 13 bankruptcy.
The decision to file for bankruptcy is never an easy one and is usually precluded by harrowing debt collection calls, letters and possibilities of wage garnishment. The stress can be overwhelming and it can seem as though there is no way out. Bankruptcy is a legitimate debt relief solution that can help you through this challenging time. Contact your local bankruptcy attorney Lexington, Virginia based office to see which type of bankruptcy is right for you.