Bankruptcy: Knowing When And Why You Should File

Many people view bankruptcy as a permanent state of existence from which there's no turning back. In reality, legislators included bankruptcy in legal codes to provide consumers like you with a tool to transition to better circumstances. As with any tool, however, it's important to understand when and how to pursue bankruptcy if you want to reap the greatest benefits.

At the Law Office of Deborah N. Arthur, we are always working to help people deal with the complexities of filing for personal bankruptcy. Since 1982, we've been doing everything in our power to help individuals in Northern Virginia make informed decisions about whether bankruptcy is right for them.

Should I File For Bankruptcy?

Bankruptcy has the potential to help many different types of families. For instance, parents whose children experience severe accidents and incur high medical expenses may find that their sudden debt makes it impossible to pay their existing creditors. The legal code provides various mechanisms to help those in distress, including:

  • Chapter 7 bankruptcy, wherein you liquidate nonexempt assets to generate the funds needed to pay your creditors and discharge, or eliminate, unsecured debts
  • Chapter13 bankruptcy, wherein you get to keep your property in exchange for entering a repayment agreement in cooperation with a trustee who sends the money to your creditors

Perhaps you came to Northern Virginia to pursue a high-paying job but then found yourself out of work after being laid off. Maybe you made an investment that turned out to be less sound than you thought it would be. Regardless of why you're facing financial challenges, our experienced, dedicated lawyers provide judgment-free legal aid that focuses on helping you regain solvency and your peace of mind.

Your Bankruptcy Filing Choices Matter

Bankruptcy is designed to offer a fresh start, but it's not a free pass. You'll need to follow specific legal procedures, like receiving approved credit counseling, qualifying under a means test and confirming that your secured and unsecured debts don't exceed certain limits. If your filing succeeds, it will have an impact on your credit rating for years to come, but it is not a death toll and it should carry no shame. The concept of bankruptcy comes from the Old Testament Year of Jubilee in which debts were forgiven. God gave the people grace, a fresh start. In the same way bankruptcy today is the government giving you grace and a fresh start. However, it only works if you follow the technical and often unforgiving legal procedures set forth in the Bankruptcy Code, which is why you need an experienced bankruptcy attorney to make sure you successfully forge the bankruptcy road toward your goal-a real fresh start.

Don't wait to talk to an experienced bankruptcy attorney at the Law Office of Deborah N. Arthur. The sooner you educate yourself, the sooner you'll be able to explore the best options for you and your loved ones. Send us a message online, or call our office in Annandale at 703-278-2028 today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.