Bankruptcy is an option citizens of Virginia may consider when their debt is spinning out of control. Because these individuals never had to deal with such a complex financial solution before, they often first consult with a Richmond bankruptcy lawyer. During the consultation, the attorney may give them the following lawful advice:
1. Bankruptcy is a legal procedure in which it is stated that you are unable to pay all the money you owe your creditors. These proceedings will grant you a new financial start, and will also give you an opportunity to repay some of your creditors.
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2. Your Richmond bankruptcy lawyer will confirm that you can stop foreclosure on your property through bankruptcy. It will give you a chance to catch up on the payments you have missed. Bankruptcy can also prevent that your car will be repossessed, your wages garnished, and that collection agencies are harassing you.
3. While offering some financial relief, bankruptcy will not cure all your money problems. Certain types of debt, such as mortgages and car loans, will not be forgiven. Bankruptcy will also not set you free from alimony payments, child support, certain taxes, student loans and criminal fines.
4. Filing for bankruptcy will remain on your credit report for up to ten years. It will not ruin your credit rating completely. Nevertheless, it will make it much harder to receive bank loans. By proving financial responsibility, you can rebuild your credit rating.
5. Bankruptcy petitions are public record in Virginia. However, your Richmond bankruptcy lawyer will point out that employers will generally not find out that you have filed for bankruptcy unless he/she is a creditor.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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