The City of Fairfax, Virginia, is an independent city of about 22,000 people located within Fairfax County in the Washington, DC, metropolitan area. The city began as a settlement in the 18th century and became the Town of Fairfax in 1874. It is named after Thomas Fairfax, 6th Lord Fairfax of Cameron, who had acquired the whole area as a land grant from King Charles in 1719. In 1961, it became the independent City of Fairfax. The city hosts numerous cultural events each year. It is an important center for business and government activities, and it continues to enjoy growth. Forbes Magazine rated Fairfax third on its list of “America’s Top 25 Towns to Live Well” in 2009.
Fairfax’s history and community make it a great place to live and do business. Unfortunately, Fairfax’s citizens and businesses may sometimes face difficult financial situations. Especially during this economic recession, bankruptcy can be an effective way to manage financial hardship, but for many persons, it provokes certain perceived risks and anxieties. An experienced Fairfax bankruptcy attorney can help guide you through the process. Your attorney must be thoroughly familiar with bankruptcy in Virginia.
The U.S. Congress establishes most of the bankruptcy laws, and bankruptcy proceedings take place in the federal court system. When you file for bankruptcy, the court will appoint a trustee to oversee your case. The trustee will evaluate all of your assets and debts and make determinations on the best way to process the case. In Chapter 7, this could include liquidating or selling some of your assets. However, the bankruptcy laws also allow individual states to set their own rules regarding what property is exempt from seizure or sale by a bankruptcy trustee, and it is crucial to understand those exemptions before beginning the bankruptcy process. Your attorney must be thoroughly familiar with bankruptcy in Virginia.
Virginia allows you to exempt part of your property up to a certain dollar amount, so long as you have declared the property on a “homestead deed” filed with the county. Financial assets such as certain insurance benefits and portions of retirement accounts may also be exempted. Homeowners filing for bankruptcy may exempt personal property up to a set value, including an automobile, pets, furniture, family pictures and heirlooms, clothing, and jewelry. A percentage of wages are exempted from seizure, as well as “tools of the trade” such a tools, equipment, and uniforms needed for your livelihood. Your Fairfax bankruptcy attorney will review all of your belongings with you and help you preserve as many of your property as possible.
The Law Office of Edward Gonzalez, P.C. is located at 8201 Greensboro Drive, Suite 300, McLean, Virginia 22102. From Fairfax, take Interstate 66 east for about five miles. Take exit 64B and merge onto I-495 North. Take the exit for Chain Bridge Road and follow the signs to Chain Bridge Road. Turn right on International Drive, then left on Greensboro Drive. The office will be on your left.
An alternate route to the office, which is more direct but may take a little longer, is to take Chain Bridge Road north out of Fairfax for about seven miles, then turn left on International Drive and left on Greensboro Drive.
Fairfax bankruptcy lawyer Edward Gonzalez has successfully represented Virginia individuals and businesses for more than over 20 years. Contact the firm today for a free and confidential consultation about your financial future.