Bankruptcy Lawyers in Northern Virginia
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.
Creditors may file a bankruptcy petition against a business or corporate debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. Typically, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization). An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.
Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.
These procedures are covered under Title 11 of the United States Code (the Bankruptcy Code). The vast majority of cases are filed under the three main chapters of the Bankruptcy Code, which are Chapter 7, Chapter 11, and Chapter 13.
Filing for Bankruptcy
Corporations and partnerships must have an attorney to file a bankruptcy case. Individuals, however, may represent themselves in bankruptcy court. While individuals can file a bankruptcy case without an attorney or "pro se," it is extremely difficult to do it successfully. Bankruptcy has long-term financial and legal consequences - hiring a competent attorney is strongly recommended.
It is very important that a bankruptcy case be filed and handled correctly. The rules are very technical, and a misstep may affect a debtor's rights. For example, a debtor whose case is dismissed for failure to file a required document, such as a credit counseling certificate, may lose the right to file another case or lose protections in a later case, including the benefit of the automatic stay.
Debtors must list all property and debts in their bankruptcy schedules. If a debt is not listed, it is possible the debt will not be discharged. The judge can also deny the discharge of all debts if a debtor does something dishonest in connection with the bankruptcy case, such as destroying or hiding property, falsifying records, or lying. Individual bankruptcy cases are randomly audited to determine the accuracy, truthfulness, and completeness of the information that the debtor is required to provide.
Bankruptcy News
Central Virginians Are Get a Helping Hand by Bankruptcy Firm
Louisa Bankruptcy, an experienced debt relief law firm of specialized bankruptcy lawyers, is extending its outreach to include Charlottesville, Culpepper, Madison, Orange, and surrounding counties of central Virginia, in response to the steep rise in personal bankruptcy filings over the past several years. The firm will also offer a free, in person or over the [...]
Top Practitioners Analyze the Challenges of Bankruptcy Security for Companies
When a company saddled with potential environmental liabilities seeks bankruptcy protection, the goals of Chapter 11 — giving the reorganized debtor a ”fresh start” and fairly treating similarly situated creditors — can conflict with the goals of environmental laws, such as ensuring that the ”polluter pays.” Recent bankruptcy cases and bench decisions have clearly shown [...]
Pizzarama Owner in Fairfax City Charged With Embezzling City Tax Collections
Fairfax Police have charged the owner of a City business establishment with embezzlement for failure pay City of Fairfax meals tax collections totaling nearly $26,000 between December 12, 2006 and June 28, 2010. Cindi Azzouz, 35, owner of Pizzarama at 9639 Fairfax Boulevard, was charged with five felony counts of embezzlement Section 18.2-111 of the [...]
Tidewater TV Station Owner Charged with Defrauding Local Churches
Samuel B. Jacobs, 57, of Hampton, Va., and Christopher C. Rice, 28, of Suffolk, Va., were arrested today to face charges that they defrauded more than 80 investors – many of whom were members of local church congregations – of nearly $550,000. Neil H. MacBride, United States Attorney for the Eastern District of Virginia, made [...]
Three Principles of A&O Entities Charged For Alleged Roles in $100 Million Fraud
Three principals of a group of businesses that acquired and marketed life settlements to investors were arrested and charged in an 18-count indictment for their alleged roles in a $100 million fraud scheme with more than 800 victims across the United States and Canada. The charges were announced today by U.S. Attorney for the Eastern [...]
McDonnell Appoints Leesburg Resident as Counsel
Governor Bob McDonnell today announced the appointment of J. Randall Minchew, to Deputy Counselor and Advisor to the Governor.
Federal Reserve Announces Final Rules to Protect Credit Card Users
The Federal Reserve Board on Tuesday approved a final rule to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year. “The new rules require that late payment and other penalty fees be assessed in [...]
Roper Brothers Lumber Co. expected to shut down
PETERSBURG – A 100-year-old Petersburg business is planning to close its doors today and reportedly plans to file for bankruptcy protection. Employees of stores owned by the company elsewhere in Virginia told The Progress-Index on Thursday and on Friday morning that all of the company’s locations will be closing., however Roper Brothers Lumber Co. officials [...]
Roper Lumber to File for Bankruptcy and Close Today
Roper Brothers Lumber Co., one of Virginia’s premier LBM dealers and a longtime member of the ProSales 100, will close today and file for bankruptcy, numerous reports indicate. It also owns Valley Lumber in Winchester, Va., Read full story via ProSales 100
Vick amends bankruptcy plan, awaits judge’s ruling
Suspended NFL quarterback Michael Vick has submitted a revised bankruptcy plan that funnels more of his future earnings to creditors, though a judge did not immediately rule on the proposal. Vick filed the new Chapter 11 plan yesterday in U.S. Bankruptcy Court in Newport News. Read full story via Richmond Times-Dispatch.
Northern Virginia News
Former XM Satellite Radio Employee Pleads Guilty in $900,000 Embezzlement Scheme
WASHINGTON—Brenda L. Jones, 46, of Lothian, Maryland, pled guilty today to a federal conspiracy charge stemming from a scheme in which she and others embezzled more than $900,000 from her former employer, announced U.S. Attorney Ronald C. Machen Jr. and James W. McJunkin, Assistant Director in Charge of the FBI’s Washington Field Office. Jones pled [...]
Metro Conducts Broad Inspections After Mechanical Failure
Metro will inspect 464 rail cars following an incident earlier today in which a brake part became detached from an Orange Line train. The New Carrollton-bound train became mechanically disabled near Stadium-Armory station shortly before noon today. The train was brought to a safe stop, and passengers were transferred to other trains at Stadium-Armory. Upon [...]
Police Seek Suspect in Arlington Malicious Wounding Incident
The Arlington County Police Department’s Homicide/Robbery Unit is seeking the public’s help to locate a man involved in a Malicious Wounding from mid-December 2011. On December 17, 2011, at 2 a.m. several suspects assaulted a man in the 4200 block of N. 2nd Road. One suspect was arrested on the scene. Detectives have also charged [...]
District Man Sentenced to Over 5 years for Killing a Man and Wounding a Child in Home Invasion
WASHINGTON—Allen Butler, 33, was sentenced today to a prison term of 64 ½ years for his role in a home invasion in December 2008 in which a man was killed and a 5-year-old boy was wounded, U.S. Attorney Ronald C. Machen Jr. announced. Butler and a co-defendant, Steven Lewis 30, were convicted by a jury [...]
Experimental Recordings by Alexander Bell Unlocked by LoC
Nearly 10 years ago, the Library of Congress initiated a research collaboration with the Lawrence Berkeley National Laboratory to study the application of digital imaging to the extraction of sound from phonograph records and other grooved media. This non-invasive approach protects delicate or damaged historical items. That collaboration has resulted in unlocking experimental sound recordings [...]
Fire Destroys Barn at Morven Park
Crews form Leesburg were called to the scene of a reported fire at Morven Park at approximately 8:00Pm Tuesday night. Fire crews found a large barn at the Equestrian Center fully involved when they arrived on scene. There were no animals in the barn, and no injuries to animals or humans have been reported. The [...]
Mary Hughes Hynes Named 2012 Chair of Arlington County Board
ARLINGTON, Va. — The Arlington County Board today announced its intent to elect Mary Hughes Hynes its chair for 2012. An Arlington County resident for more than 30 years, Ms. Hynes was first elected to the Arlington County Board in November 2007 and was re-elected November 2011. Previously, Ms. Hynes served on the Arlington School Board [...]
Bank Robber Hits BB&T in Sterling
The Loudoun County Sheriff’s Office is currently on the scene of a reported armed bank robbery at the BB & T Bank located in the 20900 block of Davenport Drive in Sterling, Virginia. Police reported that at approximately 9:45 a.m. an unknown Black male walked into the bank using an umbrella and mask to conceal [...]
First Night Leesburg Cancelled for 2011
In a joint release with the Town of Leesburg, the Bluemont Concert Series announced with great regret the cancellation of the 2011 First Night Leesburg celebration. Over the past 25 years, this popular New Year’s Eve event has brought thousands of families, neighbors and visitors to downtown Leesburg to welcome in the New Year with [...]
Robber Makes Off with Large Quantities of Painkillers from CVS on Arlington Blvd
Police are investigating a robbery of the CVS pharmacy at 8124 Arlington Boulevard. A man entered the pharmacy area of the store around 2:30 a.m. Wednesday, November 23 and passed a threatening note that demanded the pharmacist to hand over specific, large amounts of painkillers and drugs. The employee complied and the man fled. No [...]