Bankruptcy in Hampton Roads Virginia
Even the most conscientious and budget minded families, hardest workers and
credit conscious bill-payers can find themselves with more debts than cash at
the end of the month as bills become due. Our best laid plans can go wrong when
unexpected illness, accidents, divorce, death in the family of a wage earner or
loss of income occur. In such cases, bankruptcy may offer a solution to a debt
problem which seems excessive and a situation which feels hopeless.. If you or
someone you know in Hampton Roads is facing serious financial challenges and
mounting debt, it is very important to seek the advice of an experienced
bankruptcy lawyer. The Law office of Steve C. Taylor and the Alliance legal
Group have law offices in all south side Hampton roads cities including
Virginia Beach, Chesapeake, Norfolk and Suffolk Once considered a last resort,
bankruptcy has evolved into an accepted method of resolving serious financial
problems. Our bankruptcy attorneys goals will be to help debtors make a fresh
start. An experienced bankruptcy attorney can guide you through the complicated
laws and sometimes scary prospect of bankruptcy.
Bankruptcy law is governed by congress and federal law and therefore differs
little from state to state. The U. S. Constitution grants to Congress the power
to establish uniform bankruptcy laws, which ensures consistency and
predictability in how bankruptcy proceedings are conducted. Virginia does,
however, retain jurisdiction over certain debtor-creditor issues, such as
property exempt from creditors' claims. Local Courts vary considerably in
procedural areas therefore choosing the right Virginia bankruptcy attorney who
is familiar with the courts of Eastern Virginia in general and Hampton Roads in
particular is important. Bankruptcy Judges and both chapter 7 and chapter 13 bankruptcy
trustees have differing personalities and therefore apply bankruptcy law
somewhat differently and with slightly different focus. Bankruptcy attorneys
from Virginia Beach, Chesapeake, Norfolk, Portsmouth and Suffolk practice law
in the courts of eastern Virginia. The bankruptcy team from The law offices of
Steve c Taylor and The Alliance legal group are familiar with not only federal
bankruptcy law but with how it is practiced in Hampton Roads Virginia! and
Personal or Consumer Bankruptcy vs. Commercial Bankruptcy
Both businesses and individuals may file for bankruptcy. Commercial
bankruptcy is a remedy available to businesses that are unable to pay
their debts. Options include liquidation, in which many of the business's
assets are sold and the proceeds are divided among the creditors, and
reorganization or restructuring, in which the business continues to operate
according to a plan that allows for at least partial payment to creditors. In
some cases business are sold and assets divided among creditors. Similar
provisions exit for agricultural bankruptcies, While the Law Office of Steve C
Taylor and The Alliance Legal Group do very few commercial and agricultural
bankruptcies, many commercial problems are also handled through provisions
available to the owners of small businesses using the provisions of personal
bankruptcy,. Consumer bankruptcy, by contrast, is a method by which
individuals may be able to find relief from excessive debt and make a fresh
start,. As in commercial bankruptcy, there are two options: liquidating some assets
to pay off creditors, know as a fresh start (chapter 7) bankruptcy and filing a
wage-earner plan (chapter 13 bankruptcy)that allows the debtor to retain more
assets while working to pay a percentage of their unsecured debt. An
experienced bankruptcy attorney can help you choose the right course of action
for your particular situation.
"Voluntary" and "Involuntary" Bankruptcies
Most bankruptcy cases in Hampton Roads are initiated or filed by the debtor
and are therefore considered "voluntary bankruptcies" (although few
would "volunteer" to be in this position). Once a bankruptcy petition
is filed, the debtor is immediately entitled to relief from creditors through
bankruptcy protection known as the "automatic stay." The automatic
stay freezes all debt-collection activity and forces creditors to allow the
bankruptcy court to determine how payment will be made. If creditor harassment
has become unbearable, this provision of the bankruptcy code provides immediate
relief.
Not all bankruptcy proceedings are voluntary, however. Under Chapters 7 and
11, creditors, too, have the option of filing for relief against the debtor, in
which case the proceeding is called an "involuntary bankruptcy."
Involuntary bankruptcies are allowed only when certain minimum thresholds are
met; for instance, there must be a minimum number of creditors and a minimum
amount of debt. The debtor has the right to file a response to an involuntary
petition, after which the court will determine whether the creditors are
actually entitled to relief. If the court dismisses an involuntary bankruptcy
filing because it has no merit, the creditors may be ordered to pay the
debtor's attorneys' fees, damages for any losses the debtor experienced because
of the bankruptcy, and even punitive damages to punish the creditors for the
frivolous or abusive filing of a petition. An experienced bankruptcy attorney
can provide essential advice whether you are a debtor considering voluntary
bankruptcy or facing an involuntary bankruptcy proceeding, or a creditor
seeking relief through an involuntary bankruptcy. The law firm of Steve C
Taylor and The Alliance Legal Group are debtor law firms and do not represent creditors
in such actions.
Conclusion
Lawyers specializing in bankruptcy law can help both debtors and creditors
overcome obstacles to the repayment of debt. The Law office of Steve C Taylor
and The Alliance Legal Group are debtor Law firms however and do not represent
creditors. Our expertise extends beyond bankruptcy to include debt repayment,
debt work out, repayment negotiations and debt consolidation options that can
circumvent the need for a bankruptcy filing. Experienced bankruptcy attorneys
have the knowledge and expertise to help their clients get relief from excessive
debt and emerge as productive citizens. If you, a family member or some you
know in Hampton Roads is facing serious financial difficulty please contact our
firm, we have offices in every south side Hampton Roads city of Tidewater
Virginia including Virginia Beach, Chesapeake, Norfolk, Portsmouth and Suffolk/
We offer services to an even larger community including both the peninsula and
south side locations of Newport news, Hampton and Williamsburg.
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