GHENT LAW OFFICES ANSWERS TO LEGAL QUESTIONS

2019 LLEWELLYN AVENUE NORFOLK, VIRGINIA 23517 (757) 623-4200 GHENT LAW OFFICES Home About Stephen Merrill Client's Bill of Rights Contact Us AREAS OF PRACTICE: Corporate Law Personal Injury Family Law/Divorce Criminal Defense Wills/Estate Planning Civil Rights Malpractice LEGAL QUESTIONS Ask a legal question See answers to legal questions REGIONAL Hampton Roads Norfolk Virginia Beach LEGAL RESOURCES Findlaw Search Engine Norfolk Legal Library Legal Information Institute Legal News MISCELLANEOUS Virginia's Dumbest Laws

Holly HollyG21@charter.net Asked: I'm 26 and have ,000 worth of credit card debt. What are my options concerning bankruptcy and the cost of a lawyer? What if I can't afford a lawyer? What are my options? Reply: The two main types of bankruptcies are Chapter 7, which erases all your debts, and Chapter 13, in which the debtor is required to make partial repayment. A good place to start is with a copy of your credit report, to get a good idea of who you owe and how much. Before resorting to bankruptcy, you may wish to contact a credit counseling agency. These agencies can generally get a reduction in the amount you are required to pay, and some offer counseling to help you rein in your spending. An attorney will charge about $600 for Chapter 7 bankruptcy. Most will advise you to quit making payments on your debts in order to save the money for the attorney fee. Ghent Law Offices does not currently handle bankruptcy cases. Paul Harris PHarris122@msn.com Asked:  Dear Mr. Merrill: What are the differences between a corporation and a Limited Liability Company (LLC)? Reply:  Dear Paul: Generally, an LLC takes more time and effort to set up, but saves time and effort later in not having to file annual reports. There is a greater degree of privacy with LLCs. Some tax advantages corporations enjoy do not apply to LLCs.