A Caring Bankruptcy Law Firm in Virginia Beach, VA
The Law Office of Michael J. Heath is a highly respected, compassionate bankruptcy law firm in Virginia Beach, VA. We’re a small firm offering a personalized, human approach to our clients. Our determined team of experts navigate the complexities of law every day. We have an excellent reputation for supporting our clients to the fullest extent of the law and serving as advocates for justice. From your first consultation to your last day of court, we’ll guide you every step of the way, ensuring that you are cared for and that you’re fighting your battles with a team that supports you. We’re here to answer and address any questions or concerns about your case.
Simply put, bankruptcy is legal permission to start your finances all over again. Bankruptcy can either pause or completely erase all your debts, prohibiting collection agencies from coming after you. It’s allowed by the U.S. constitution and legal (if approved by the courts).
There are many reasons and situations where bankruptcy is a valid option. However, you should only seriously consider bankruptcy as a last resort or if it’s genuinely the right choice for your circumstances. You may consider declaring bankruptcy when:
- You are unemployed.
- You’re facing large, nearly unrepayable medical bills.
- You’ll never be able to pay off your debts.
- Your credit or loans are overextended.
- You’re getting divorced and risk incurring more debt.
Bankruptcy is often portrayed as an adverse action that causes more pain and suffering. Sometimes, it’s depicted as a life-altering scenario from which you’ll never recover. The truth is, however, that bankruptcy provides many advantages. Though we advise choosing it as a last resort, there are many ways bankruptcy will benefit you if you need it, including:
- The removal of legal bindings forcing you to pay your debts (or some of them, at least).
- Halting of foreclosures on your home or properties, buying you time to recover.
- Putting a stop to potential repossession of property or items.
- Giving you more time to save money and pay your debts.
- Prevent garnishment of wages and debt harassment.
- Ensure your driver’s license isn’t taken away from you.
- Giving you time to make a case for challenging debt claims.
Though the benefits of bankruptcy are intriguing and appealing, don’t mistake bankruptcy for an end-all-be-all solution to all your problems. Though bankruptcy can do many things, it can’t do everything. Bankruptcy cannot or may not do the following:
- If you possess property or items that lawfully belong to others, they still belong to them even after you file.
- Bankruptcy law may require you to keep paying loans or debts that they deem as a priority.
- Any co-signers on your debts may still be required to pay their share. They are not necessarily safe.
- You’ll not be protected from future debts that occur after you’ve filed for bankruptcy.
Before filing, it’s essential to hire a bankruptcy attorney. They’ll fill you in on everything you need to know during your free consultation and evaluate your situation. You’ll also need to prepare the financial documents that prove you have grounds for bankruptcy and take a “credit counseling course” from a counseling agency approved by the U.S. Department of Justice. Before you seek council, try your best to ask yourself the following questions and figure out their answers:
- What does my debt look like?
- What are my assets?
- Are any of my debts secured?
- Are there any outside forces/unique actions that contributed to my debt?
- Are any of my debts mandated by the courts? Can the courts act against me?
- Why am I considering bankruptcy? What are my goals? How do I hope to come out on the other end?
Start by contacting us today.