Bankruptcy and Creditor's Rights Law
Bankruptcy is usually the last option for persons unable to pay their debts. The purpose of filing for bankruptcy is to allow the debtor a "fresh start" in which he or she may sell assets to pay debts or reorganize the debt structure itself. By filing for bankruptcy protection, the debtor is given relief in that collection efforts of all his or her creditors are postponed until a future date. The goal is to allow the debtor some "breathing room" so that he or she may make arrangements to sell assets to repay debts, restructure the payment of debts or return assets which are secured by debts. By halting collection efforts, creditors are not permitted to take advantage over the debtor's difficult situation.
From our offices in Fairfax and Winchester, we provide full representation to individuals and businesses throughout Northern Virginia filing for bankruptcy protection under Chapter 7, Chapter 11, or Chapter 13. For more information, please review our Bankruptcy and Creditor’s Rights website.