chapter 7 bankruptcy lawyer near me

1. Filing chapter 7 bankruptcy in Virginia A bankruptcy attorney will advise you on the bankruptcy procedure and whether it is appropriate for you. They are intended to assist you in taking a critical look at your debts and assets to determine whether bankruptcy is the best option for you or if a better answer would be to try to improve your situation from a different angle. For example, the majority of your bills, such as student loans, may be exempt from bankruptcy protection, and an attorney may help you determine whether bankruptcy will truly assist you. If you believe that bankruptcy is the best option for you, an attorney can help you compare the chapter 7 and chapter 13 options. This is a critical decision that will need you and your attorney to consider the amount and nature of your debt, the assets you are ready to put at risk in a bankruptcy, and your ability to repay your debts or a portion of your obligations, among other factors. As per Ed Flynn of the American Bankruptcy Institute, attorneys represented clients in 91.5% of the 486,347 Chapter 7 cases filed in 2017. Lawyers had their clients' debts discharged - that is, eliminated - in 96.2% of the cases. In other words, 428,097 people left court debt-free. Self-represented Chapter 7 bankruptcy filers, on the other hand, were only successful 66.7% of the time.

2. Consumers who file for Chapter 13 bankruptcy face even more alarming numbers. Only 2.3% of customers who represented themselves were successful. When a lawyer represented a client in a Chapter 13 case, the success rate jumped to 41.5% — debts were discharged when the repayment plan was completed. As a result, if your financial condition has worsened and you want to be shielded from creditors and relieved of debt obligations, a bankruptcy lawyer could be your ticket to a fresh start. For more details about bankruptcy visit our website