What To Expect When Working With A Bankruptcy Attorney In Virginia

When the amount of debt a person owes increases to a substantial level it may leave them struggling to make ends meet and force them to forgo their payments to provide for themselves and their family. Failing to address the debt will cause it to end up in the hands of a collection agency, which are ruthless organizations that will stop at nothing to obtain payment. If a person has succumbed to an extensive amount of debt, it may be time to contact an attorney for help with the bankruptcy process.

Gather Documentation

The first step is to gather a variety of information, including a list of all of the debts a person owes and a collection of the assets that the person currently possesses. Most courts will allow a person to submit a credit report as a listing of the debts they are attempting to have forgiven. Assets are a little trickier and may require a person to obtain letters from financial institutions regarding their value and accessibility.

Bankruptcy Filings

A bankruptcy attorney will then compile this information and submit it along with the required legal forms to the client’s court of jurisdiction. After it is received, a trustee will be appointed by the court to oversee the review process, where they will determine if a person possesses any assets that should be liquidated to grant a bankruptcy. This process may take as long as six months depending on the number of items present in the initial filing.

Court Hearing

If the assets listed will not cover the total value of the debts owed, it is then transferred to court where a judge will rule on whether bankruptcy is a viable option. In some instances, creditors may be present to argue the validity of the forgiveness request. It is imperative to let an attorney speak on a person’s behalf, as they will know the proper way to handle any rebuttals and obtain the most favorable outcome possible.

Don’t let an abundance of debt become overwhelming. The team at the Virginia Bankruptcy Law Office offers a variety of information on their website and free telephone consultations. Contact them today to learn more about the process and see if a person may qualify for complete debt forgiveness.