Bankruptcy & Reorganization Information

What is bankruptcy?

The purpose of bankruptcy cases is to help honest but unfortunate people who are overburdened with debt. Bankruptcy relieves debt and allows a fresh financial start. Many consumers lose nothing in bankruptcy cases, but almost everyone waits far too long before seeking relief. As a result, many consumers and businesses wait until after they have paid creditors with money they desperately need, or until after they surrender or sell things they would not lose in bankruptcy. Do not let this happen to you. The time to seek relief is before you lose everything. What are Chapter 7, Chapter 11, and Chapter 13? The majority of bankruptcy cases are of three types: Chapter 7 (liquidation), Chapter 11 (reorganization) and Chapter 13 (consumer reorganization). Chapter 7 is usually the quickest and least expensive, and Chapter 11 always takes the longest and costs the most. Which type of bankruptcy case best fits a person or business depends on their particular needs. The most important factors are the client's desires, the types of debt involved, and the client's ability to do the things needed to get the relief the law permits.   Will filing bankruptcy hurt my credit? It is not true that people who file bankruptcy "never get credit again," or that "bankruptcy always ruins credit." There are advertisements in the mail and on TV every day offering credit to people who file bankruptcy. Most people's credit ratings are damaged long before they file bankruptcy; bankruptcy often starts with the credit-recovery process. In Chapter 11 cases, long-term credit relationships are often established during the case. There are many companies that specialize in lending to businesses in Chapter 11.   Is bankruptcy right for me? Bankruptcy will not solve every financial problem, nor is it for everyone. An individualized case by case determination must be made for each person or business in financial difficulty. A visit with the experienced attorneys of Harry Jernigan CPA Attorney, P.C. will put you at ease. You will learn in a stress-free atmosphere what bankruptcy can do, and how it can protect you.

Bankruptcy & Reorganization Information

Harry Jernigan CPA Attorney, P.C. offers Bankruptcy & Reorganization services to Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, and more.