BANKRUPTCIES AND FORECLOSURES

Posted on 03 23,2013

According to information collected by the American Bankruptcy Institute, there were approximately 1.2 million bankruptcies filed in the United States during 2012. While that figure is quite large, it is still about 200,000 fewer bankruptcy filings than the year before. Experts predict that the decline in bankruptcy filings will continue through 2012 as well. Unfortunately, this decline did not carry through into foreclosures in Virginia Beach, VA. Reports show that nearly one out of every 81 homes in Virginia Beach, one out of every 80 homes in Norfolk and one out of every 88 homes in Newport News, were facing foreclosure in 2012.


One of the benefits of bankruptcy is that filing for bankruptcy can have a direct impact on all collection activities, including mortgage payments and foreclosures. In fact, simply filing for bankruptcy can put an immediate halt on most foreclosure proceedings and other collection efforts. Originally bankruptcy was created as a social service to those citizens who had found themselves facing a large volume of debt, without the resources to pay it off. Now millions of Americans take advantage of this legal process in order to rid themselves of overwhelming debts, get a fresh start on life and get back on the road to financial freedom.

We understand that foreclosure proceedings, collection agencies and bankruptcy can all be extremely daunting. Thankfully, that is where the David McCormick Law Group can help. Our firm has helped more than 10,000 clients facing all manner of bankruptcy-related issues. We have an intimate understanding of bankruptcy law and we know how to determine whether or not you will qualify for bankruptcy, or some other form of debt relief. From the moment you contact our firm and speak to an experienced Virginia Beach bankruptcy attorney, we will work with you closely to ease your financial woes, get your qualifying debts discharged, help you restructure your remaining debts, see that you receive the financial protection bankruptcy has to offer, and give you the fresh start you deserve.

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