Spencer Ault on Bankruptcy

Bankruptcy can be a difficult time for any individual or family. Spencer Ault has two decades of experience helping clients in bankruptcy procedures. Watch the video to hear him discuss bankruptcy, what it means for those who need to file, and what options exist.

The Law Office of Spencer Ault is available to see new bankruptcy clients now. Let us apply our experience and skill to help you escape from unmanageable debt and make a fresh start financially.

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Bankruptcy Attorney in Purcellville Virginia

Looking for professional bankruptcy help in Purcellville?

The Law Office of Spencer D. Ault is committed to providing capable and caring bankruptcy legal services to individuals, businesses and organizations in the greater Washington D.C. area. With more than 25 years of experience, we have the knowledge and understanding to provide competent legal counsel that focuses on your needs, desires and goals as they relate to your case.

When an individual or organization is unable to repay debts to creditors, it may be necessary to file for bankruptcy. Bankruptcy is a federal procedure to legally eliminate, reduce or modify debts. This may be done either by liquidating non-exempt assets, or by developing a plan to resolve debts. The Law Office of Spencer Ault is experienced in Chapters 7, 11, 12 and 13, and has represented both individuals and businesses in the bankruptcy process.

Video Transcript:

Part: 1 2 3 4 5 6 7

Congress, back in 2005, created what's called a "Means Test". What that is is looking at the average income for a household with a however many is in the household to determine what is the average for that area. If the income exceeds that average, it's saying "what are the reasons that one needs to file bankruptcy if their income exceeds the average for the area?" Alternatively, if you have income less than that average, you're permitted to file Chapter 7, discharge the debt because it's considered on a monthly basis that you're going to have some trouble meeting those monthly expenses, and that you should be able to discharge the debt through a Chapter 7 instead of being forced into a repayment plan. So one has to look at each of the financial situations differently, because I can give general rules but with anything, good competent legal advice is required. Whichever attorney you sit with make sure they understand your financial situation so that they can analyze it and give you the best advice.

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Purcellville VA Local News

Loudoun Daily-Monitor » Purcellville
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