Insolvency & Bankruptcy
Offers in Compromise with the IRS, negotiation, and bankruptcy are a legal methods used to manage, reduce or eliminate debt giving you or your business an opportunity to make a fresh start. Contact us for a no cost debt options evaluation.Filing & Litigation
Completion of the worksheet and payment of our fees includes the following:- Analysis of your debt for potential Offer in Compromise (Tax debts only)
- Analysis of your debt for potential bankruptcy options (Chapter 7, Chapter 11 and Chapter 13)
- Attorney analysis and review
- Consultation with a bankruptcy attorney
- Request a commercial bankruptcy consultation
We have conducted complex bankruptcy litigation and are experienced in handling actions including preferences, fraudulent transfers, equitable subordination, and lender liability. We also assist in the orderly liquidation and wind-down of individual estates, corporations and other entities. The goal of federal bankruptcy law is to provide the debtor with a fresh start. We represent creditors and debtors in litigation, with most our work focusing on Chapter 11 Bankruptcy matters (also know as a reorganization).
There are three basic types of bankruptcy. In a Chapter 7 filing, a trustee is appointed to collect and liquidate assets and distribute the proceeds to creditors in accordance with set priorities. In a Chapter 11 the debtor seeks to rehabilitate and reorganize its financial structure. The goal of Chapter 11 is to propose a plan that is accepted by a vote of the creditors. Chapter 13 allows a wage earner to propose a plan to pay his/her creditors in full or in part and provides a more comprehensive discharge than does Chapter 7 also allowing the debtor to retain assets that might be liquidated in a Chapter 7. A bankruptcy case is commenced by the filing of a petition. You must also file a statement of your assets and liabilities and schedules listing your creditors. The property a debtor can keep through the bankruptcy is determined by the exemptions available under Virginia law. In Virginia, a debtor is also allowed to choose federal exemptions instead of state exemptions. Before deciding the appropriate course of action one may wish to explore alternatives to bankruptcy and review our list of frequently asked questions to gain a bettor understanding of the bankruptcy process.
Experience
Our attorneys have many years of bankruptcy experience in both the Eastern and Western Districts of Virginia in all Chapters of Bankruptcy. We have assisted many businesses with pursuing debotrs and with reorganizing debt, allowing the business to stay in operation throughout the bankruptcy without having the constant concern of creditors hounding their every step. We represent clients in the sale or acquisition of assets or stock of companies through use of the bankruptcy process. We provide consultation and advice to corporate counsel and clients on insolvency and bankruptcy issues arising in transactions, including corporate transfers and sales, real estate and commercial transactions, commercial leases, real estate developments, and other such matters. Click here for personal bankruptcy options and information.
