Are you sinking further into debt because of an inability to pay your mortgage or other bills? Are creditors harassing you? Matt can counsel you on the benefits of bankruptcy.

The laws regarding bankruptcy allow debtors, who are completely or partially unable to pay their debts, to rid themselves of these obligations and start fresh. Federal laws, and also Virginia state laws, have some requirements which may affect your ability to file for bankruptcy. An attorney can help you navigate though these laws so you can understand how they apply to your situation.

For instance, if you are seeking debt relief, a common route is to file under the terms of Chapter 7 insolvency, which allows for the liquidation of your non-exempt assets for use in discharging some of your debts. Chapter 7, however, may not allow for a total debt wipe out and not everyone is eligible to file under these terms.

Another option for you is to file under the Chapter 13 provisions, which allows for a structured debt reduction and management through a regulated payment plan over an agreed period. In exchange, your creditors will not make any attempt to recover the debt by any other means other than the agreed terms. This provision is usually used by those who fail to qualify for debt relief under Chapter 7.

If you own a corporation or partnership, you can opt for a supervised reorganization of the business as a means to obtaining debt reduction. This is usually filed under the provisions of Chapter 11.