BTC is open and working to protect the interests of our clients during this time of national emergency. At the same time, BTC is protecting the health and safety of our clients, staff and attorneys. BTC is discouraging in-person visits to our offices until further notice. BTC is available to both existing and new clients by phone, email and other means. You can also email us through this site using the “Contact Us Today” button. All the attorneys will have access to their emails during this time.
The lawyers and staff at Bowen Ten Cardani are here and ready to help you solve your legal problems.
Bowen Ten Cardani, PC
Schedule a consultation : 804-767-6850
When bankruptcy may be the best option

When bankruptcy may be the best option

When a Virginia resident files for bankruptcy, it could lower his or her credit score by 100 points or more. This may make it hard to get a mortgage or gain approval on future credit card applications. As the effects of bankruptcy could linger for many years, it is often seen as a last resort for those who have no other options. However, bankruptcy may be the best move in some cases.

Prior to filing for bankruptcy, it may be a good idea to negotiate a new payment plan or debt forgiveness with current creditors. If negotiations don’t work, bankruptcy may be the only viable option for those seeking debt relief. Depending on the circumstances of a given case, it may be possible for a bankruptcy trustee to negotiate a deal on a debtor’s behalf.

Another time when bankruptcy may make sense is if an individual’s assets are less than his or her debts. In such a scenario, it may be impossible to make even minimum payments regardless of whether a creditor is willing to reduce the amount a debtor owes. If an individual has suffered a major illness or job loss that makes it difficult or impossible to generate a steady income, bankruptcy may be best as it may be possible to eliminate some or all unsecured debts.

Those who are thinking of filing for bankruptcy may wish to talk to an attorney who can explain the eligibility and other requirements. Filing for bankruptcy may also make it possible to put at least a temporary stop to creditor harassment and other collection activities.