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For those overwhelmed by debt, declaring bankruptcy can sometimes be the smartest way out of a financial crisis.
Before filing for bankruptcy in Northern Virginia, it is important to understand that not all bankruptcy declarations are created equal. There is the declaration for personal bankruptcy (Chapter 7 or Chapter 13) versus business (Chapter 11). Some entail the selling off of properties and assets to repay creditors while in others these are considered ‘exempt’ and therefore safe. Depending on how and when it is orchestrated, a bankruptcy declaration can be a great move to rebuild and start afresh; However, if mismanaged, it can hurt your reputation and credit score for years even as you are forced to liquidate hard earned assets, with little or no control of the proceedings.
Chapter 11 Bankruptcy is most often sought by business corporations, sole proprietorships, and partnerships though it can also, in some cases, be sought by individuals who are not business owners. The Chapter 11 Bankruptcy allows the debtor to retain control of the business and reorganize the debts in a manner that allow the business to continue functioning. If you are a business owner or individual in Northern Virginia, facing financial distress, you can get over the situation by opting to file for Chapter 11 bankruptcy.
As the premier Chapter 11 attorney Maryland, we can provide you with all the legal support you need to deal with your precarious financial situation and overcome it in a planned manner. Call us if you are looking or a bankruptcy law firm Northern Virginia with many years of experience in handling similar cases. As the leading Maryland Chapter 11 Bankruptcy Lawyer, we can make sure that you tide over your current financial crisis with minimal loss of your assets and reputation.
Chapter 7 Bankruptcy Chapter 7 Bankruptcy is the go-to bankruptcy plan for the most overwhelming debt scenarios. It is the most famous bankruptcy plan because it completely wipes out most debts and usually requires no debt repayment. It stops creditors in their tracks and gives the borrower a completely fresh start. Read More
Chapter 11 BankruptcyChapter 11 Bankruptcy is most often sought out by business corporations, sole proprietorships, and partnerships. This bankruptcy allows businesses to remain open while taking a step back and reassessing their debts in a way that will allow sustained operation and better management of finances. Read More
Chapter 13 BankruptcyChapter 13 Bankruptcy is known as a repayment plan. Chapter 13 Bankruptcy is a favorable option because it considers the individual’s debt and income and structures a plan for the debtor to reasonably pay off his or her debts either partially or in entirety. Read More