Looking for professional bankruptcy help in Loudoun?
A bankruptcy case cannot be filed in a Loudoun or Virginia state court because federal courts have exclusive jurisdiction over bankruptcy cases. Beginning a bankruptcy case in Loudoun 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 7 Bankruptcy - Liquidation
Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors.
Because there is usually little or no nonexempt property in most chapter 7 cases, there may not be an actual liquidation of the debtor's assets. These cases are called "no-asset cases." A creditor holding an unsecured claim will get a distribution from the bankruptcy estate only if the case is an asset case and the creditor files a proof of claim with the bankruptcy court.
In most chapter 7 cases, if the debtor is an individual, he or she receives a discharge that releases him or her from personal liability for certain dischargeable debts. The debtor normally receives a discharge just a few months after the petition is filed. Amendments to the Bankruptcy Code enacted in to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 require the application of a "means test" to determine whether individual consumer debtors qualify for relief under chapter 7. If such a debtor's income is in excess of certain thresholds, the debtor may not be eligible for chapter 7 relief.
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.