Need expert bankruptcy help in Leesburg, VA?
A bankruptcy case cannot be filed in a Leesburg or Virginia state court because federal courts have exclusive jurisdiction over bankruptcy cases. Beginning a bankruptcy case in Leesburg normally begins by filing a petition with the bankruptcy court. The debtor must file statements listing assets, income, liabilities, and the names/addresses of creditors and how much is owed - this prevents debt collection actions against you, the debtor.
Bankruptcy cases are filed under different chapters, allowing a debtor to reorganize and establish a plan to repay creditors, or forcing liquidation of a debtor's property.
Chapter 11 Bankruptcy - Reorganization
Chapter 11, entitled Reorganization, ordinarily is used by commercial enterprises that desire to continue operating a business and repay creditors concurrently through a court-approved plan of reorganization.
The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the first 120 days after it files the case and must provide creditors with a disclosure statement containing information adequate to enable creditors to evaluate the plan. The court ultimately approves (confirms) or disapproves the plan of reorganization.
Under the confirmed plan, the debtor can reduce its debts by repaying a portion of its obligations and discharging others. The debtor can also terminate burdensome contracts and leases, recover assets, and rescale its operations in order to return to profitability. Under chapter 11, the debtor normally goes through a period of consolidation and emerges with a reduced debt load and a reorganized business.
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.
Leesburg Virginia News
Police Respond to Stolen Vehicle and Discover Mobile Meth Lab
At around 12:06 AM, the Leesburg Police received an alert from On-Star for a reported stolen vehicle from Indiana in the area of Clubhouse Drive in Leesburg. Patrol units responded and located the vehicle and a male and female associated with the vehicle. Officers looked through the vehicle windows and observed items that indicated a [...]
New BOS Representative to the Airport Commission
The Leesburg Executive Airport Commission welcomes Mr. Dwight Dopilka as the new Board of Supervisors Representative to the Commission, appointed by the Loudoun County Board of Supervisors. *
Leesburg Police Respond to Suicide Attempt Foxridge Drive
On Monday evening January 9, 2011 at approximately 11:39 PM, the Leesburg Police Department received a report of a suicidal subject armed with a handgun inside a residence located in the 400 block of Foxridge Drive SW. A female resident called 911 to report that her husband was threatening suicide with a handgun. Officers arrived [...]
Town of Leesburg Special Election Set For April 17, 2012
The Town of Leesburg will hold a special election on April 17, 2012, to fill the remainder of a Council Member term expiring on December 31, 2014. This Council Member term was vacated by Council Member Ken Reid’s resignation following his election to the Loudoun County Board of Supervisors. In order to be eligible to [...]
Police in Leesburg Make Quick Arrest in Attempted Bank Robbery
A suspect in the attempted bank robbery has been identified and taken into custody. Peggy Virginia Membreno, age 49 of no fixed address in Loudoun County, was taken into custody on the scene after she passed a note to a bank employee that implied her intentions to rob the bank. This afternoon, Leesburg Police detectives [...]
Attempted Robbery at Middleburg Bank on Catoctin Circle
At approximately 10:55 am, there was an attempted robbery of the Middleburg Bank located at 102 Catoctin Circle SE in Leesburg. No weapon was used and there were no injuries. The situation is stable and there is no threat to the public. The Leesburg Police Department is actively investigating the incident at this time. Anyone [...]
Leesburg Police Department Officers Take Ten Children Christmas Shopping
December 19th, ten children from the Town of Leesburg got a chance to do something different, shop for Christmas presents with a Leesburg Police Officer. This is the first year that the department sponsored the event due to Fraternal Order of Police Lodge #70 closing its doors this year. Officers of the department wanted to [...]
Tally Ho Theatre Steps into Leesburg New Year’s Eve Void
In the wake of the cancellation of Bluemont Concert Series’ First Night celebration for 2011, the Tally Ho Theatre has organized a special New Year’s Eve program of family entertainment for downtown Leesburg. The festivities will begin at 6:00 p.m. on Saturday, December 31, 2011. The program will showcase some of the best improvisational comedy, [...]
Leesburg Police Make Arrest in Cooley Gallery Larceny
An arrest was made last night by Leesburg detectives charging one suspect with several crimes committed in the South King Street area of downtown Leesburg. The crimes occurred in the early morning hours of September 2, 2011. Leesburg resident Blake Stroud, age 31, was arrested on the following charges: Burglary –Cooley Gallery Grand Larceny – [...]
Life-Long Leesburg Resident Wins a Free Roof
DryHome Roofing & Siding has selected Barbara Green, a recent widow and Loudoun County native, as the recipient of its ninth annual Free Roof for the Holidays program. Nominated by her daughter and many friends and neighbors, the life-long Leesburg resident will celebrate the holidays under a new roof. “There was a tremendous outpouring of [...]