Herndon, Virginia, brings a small-town atmosphere to suburban Washington, DC. The town takes its name from American explorer William Lewis Herndon. Beginning as a small rural community in the 1850’s, the town grew into a dairy farming center and a vacation spot for Washington-area residents. When the railroad tracks running through town became a hike-and-bike trail, the train station became a museum and visitors’ center. A caboose placed in the town’s downtown area remains one of Herndon’s best-known landmarks.
History exists alongside the future in Herndon, which is part of the Dulles Technology Corridor. The corridor hosts the headquarters of many major technology companies such as AOL and Verizon Business. Herndon itself is the home of Airbus North America, the U.S. subsidiary of the European aerospace company. The annex to the Smithsonian National Air and Space Museum, housing many of America’s historic airplanes, is located nearby.
Herndon, where a rural feel can co-exist in the midst of the big city, offers an excellent location to live and work. However, with today’s pressing economic situation, Herndon’s citizens and businesses may nevertheless fall on hard times. Bankruptcy can be one option when debts exceed the ability to pay. A significant concern for those considering bankruptcy involves what will become of personal and business property. A knowledgeable Herndon bankruptcy attorney with experience in the system can educate you about the bankruptcy rules and guide you through the process.
The federal court system handles bankruptcy proceedings under laws passed by the United State Congress. Individual states may enact their own rules regarding exemption of property from seizure or sale. A trustee appointed by the court to manage your case will review all of your assets and debts. The trustee has authority to make decisions on how best to resolve debts, which may include liquidating or selling some of your assets. You should understand how the exemption rules can affect your property before beginning the bankruptcy process. Your attorney must be thoroughly familiar with bankruptcy in Virginia.
In Virginia, if you have declared you home as homestead property, part of it up to a certain amount may be exempted from the bankruptcy proceeding. You may also exempt certain financial assets such as insurance benefits and portions of retirement accounts. Personal property up to a specific value, such as an automobile, family pictures and heirlooms, clothing, and furniture, is exempted for homeowners in bankruptcy. A percentage of your wages and your “tools of the trade,” meaning equipment needed for your livelihood, are exempt. Your Herndon bankruptcy attorney will assess the inventory of your property with you and help you take the maximum exemptions allowed by law.
The Law Office of Edward Gonzalez, P.C. is located at 8201 Greensboro Drive, Suite 300, McLean, Virginia 22102. From Herndon, take the Dulles Toll Road (Highway 267) east for about seven miles. Take the exit for Highway 684 S/Spring Hill Road and turn right onto Highway 684. After 0.8 miles, turn right on Greensboro Drive. The office will be on your left.
Herndon bankruptcy lawyer Edward Gonzalez has more than 20 years’ experience successfully representing Virginia individuals and businesses. Contact the firm today for a free and confidential consultation about your financial future.