Types of Bankruptcy Available in Newport News, VA
When you are filing for bankruptcy, it is important to know that not all types of bankruptcy are the same. While the most common types of bankruptcy are Chapter 7 and Chapter 13, you should consult a bankruptcy attorney in Newport News who will help you decide which kind is right for you.
Many Newport News businesses choose a Chapter 11 bankruptcy, in which the filer reorganizes debt in a plan that allows the entity to repay some debt while still keeping assets. Chapter 11 is a very complicated and expensive process, and it typically used by large companies.
Contact a bankruptcy attorney in Newport News to learn more about personal bankruptcy and how it applies to your situation.
Personal bankruptcy in Newport News
If you are unable to pay off your debts, filing for personal bankruptcy may be your best option for unloading your financial burdens. Before filing for bankruptcy, discuss your options with reputable bankruptcy attorneys in Newport News. At the law offices of Joynes & Gaidies, we will give you the guidance and personal attention you need. Contact us today at 1-866-943-8612 for a free initial consultation.
Chapter 7 vs. Chapter 13
Chapter 7 and Chapter 13 are by far the most popular types of bankruptcy. Some important distinctions between the two include the following:
- Chapter 7 in Newport News: Also known as liquidation bankruptcy, this type is a fairly simple solution to financial woes. The debtor’s assets are quickly sold in order to repay debts as fully as possible.
- Chapter 13 in Newport News: This code is meant for debtors who are able to repay some debt over the period of a few years. As debt is paid off slowly in installments rather than all at once, Chapter 13 is popular among people who want to protect at least some of their property and other assets.
Looking for bankruptcy advice in Newport News?
If you are looking for a bankruptcy lawyer in Newport News, turn to the hard-working attorneys of Joynes & Gaidies. We can offer you the guidance and expertise in bankruptcy law that you need.
Serving clients throughout the Tidewater Virginia area
From offices in Hampton and Virginia Beach, VA, the attorneys of Joynes & Gaidies serve the needs of clients in the Tidewater Virginia area:
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If you are struggling with debt and considering bankruptcy, call us today at 1-866-943-8612, or contact us online for a free consultation about your financial situation so we can begin to help you.
