When you decide to declare bankruptcy in Virginia, you must then decide which type of bankruptcy is right for you: Chapter 7 or Chapter 13. Chapter 7 bankruptcy, or "liquidation" bankruptcy, as it is commonly referred to as, involves the liquidation of all a debtor's assets to repay creditors. Chapter 13, on the other hand, is a "reorganization" bankruptcy. When you file for this type of bankruptcy, your debts get reorganized in such a way that allows you to repay your debts via low monthly payments over a longer period of time.
Filing for bankruptcy can be a daunting task for anyone, but especially for large companies that are grasping at straws to overcome financial blunders. For struggling companies in Virginia, filing for bankruptcy may bring with it the promising hope that somehow, they may be able to turn their problems around and strengthen their financial foundation to rediscover success.
At some point, most people in America find themselves in serious financial hardship. When the idea of filing bankruptcy arises, many consumers who might benefit from it significantly never learn enough about the process to understand what it can do for them.
When you buy a vehicle in Virginia, you expect it to be in good condition. Unless the seller discloses any issues, you expect it to run properly and not require any maintenance. When buying a used car, there are often exceptions. Since the car is not new, it may have issues even the seller does not know. In any case, the lemon law may help you if you get a vehicle that has serious defects.
When you decide to file bankruptcy in Virginia, one of the first choices you have to make is whether to file Chapter 7 or 13. These offer some similar benefits, but they are quite different in how they reach the resolution. It is essential to understand the options, so you can make a proper decision on which type of bankruptcy to file.