This economy has been rough for a lot of people. Mass unemployment, foreclosures, and crushing debt, are all constant features. Many people donít have the same job security they once had. Many people donít have jobs anymore. They have seen their assets lose much of their value. As bad as it is for individuals, many businesses have it worse. People are pinching pennies and many small businesses are the ones that get pinched. For the ones that do get pinched too much, bankruptcy might be the only option left.
For businesses facing such a predicament in Northern Virginia, the Chapter 13 bankruptcy attorneys in Northern Virginia at Tyler, Bartl, Ramsdell, & Counts, P.L.C. might be able to help. Their website http://www.tbrclaw.com/ , gives businesses information about the various types of bankruptcy in an easy to understand way. They specialize in Chapter 13 bankruptcy. In Chapter 13 Bankruptcy, a person pays back what they owe in a payment plan spanning between three to five years. These payments are based primarily on the income of the person filing. After the terms of repayment are fulfilled, the remaining debt is discharged. In this way, they will end up paying their creditors a fraction of what they owe.
Even though a debtor would have to make payments, Chapter 13 does have many benefits. For starters, they get some relief since creditors canít take action once the case is filed without court approval. A person filing Chapter 13 Bankruptcy can convert to Chapter 7 or 11 at any time if they meet the requirements for it. One of the biggest benefits is that it can protect a debtorís home from foreclosure and you can keep most assets. (more...)