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REAL LAWYERS

Serving Alexandria, Arlington, Fairfax, Fauquier, Loudoun, Prince William, Stafford

The 341 Hearing which is mandatory in ALL bankruptcy cases can be frightening. Our lawyers prepare your petition, give you legal advice, and go to the 341 hearing with you to deal with the trustee and your creditors.

Don't settle for the "do it yourself" mess of bankruptcy petition preparers who CANNOT legally give you any advice or information about bankruptcy, CANNOT attend your 341 hearing at the United States Trustee's Office, and CANNOT prepare the document that protects your property from bankruptcy.

A real law firm with real lawyers with over 100 years of combined legal experience. In the Eastern District (Alexandria, Arlington, Fairfax, Fauquier, Loudoun, Prince William, Stafford), we know the trustees, we know the judges and we know the law.

Want creditors to stop calling? That won't happen until you hire a LAWYER not a petition preparer. Call today for your FREE CONSULATION with a bankruptcy attorney.

• Stop Harassing Creditor Calls

• Loan Modification
• Stop Foreclosure & Past Due Notices
• Stop IRS Collections
• Fresh Start Discharge
• Eliminate Excess Debt
• Keep Home & Cars
• Stop Creditor Lawsuits

  See our Free Bankruptcy FAQs

  Insolvency & Bankruptcy

  Bankruptcy, Offers in Compromise with the IRS, and creditor negotiation are legal methods used to manage, reduce or eliminate debt giving you, individually, or your business an opportunity to make a fresh start. Contact us for a no cost debt options evaluation. 
  
  

  Filing & Litigation

  • 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
  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 and individuals with pursuing debtors 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 individuals, corporate counsel and clients on insolvency and bankruptcy issues arising in mortgage issues, credit card matters, tax, foreclosure, and transactions, including corporate transfers and sales, real estate and commercial transactions, commercial leases, real estate developments, and other such matters. 

  Overview: Chapter 7, Chapter 13 and Chapter 11 - Medical, Credit Card and Tax Debt

  The goal of federal bankruptcy law is to provide the debtor with a fresh start. We can help you with your Virginia Chapter 7, 11 or 13 bankruptcy today. Read below and see our FAQ page for more free information on bankruptcy. 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.

  From simpler personal bankruptcy to complex bankruptcy litigation, preferences, fraudulent transfers, equitable subordination, and lender liability our lawyers can assist in the orderly liquidation and wind-down of companies and corporations.

  FAQ

  - Chapter 7 Bankruptcy (Liquidation)
  - Chapter 13 Bankruptcy (Reorganization)
  - Chapter 11 Bankruptcy
  - Bankruptcy Abuse and Consumer Protection Act of 2005
  - Administrator
  - Credit Counseling Locations
  - Fill out a Bankruptcy Intake Form
  - Bankruptcy Library
  business bankruptcy, personal bankruptcy, chapter 7, chapter 13, chap persnal bankruptcy,

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  Chapter 7 Bankruptcy (Liquidation)
  Chapter 7 of the United States Bankruptcy Code is commonly known as a liquidating bankruptcy, or just plain "bankruptcy". Under any Chapter, you are required to list all of your assets and all of your debts on your petition. Some of your assets will be exempt. A detailed analysis of these exemptions is not possible here. Basically, you can exempt most items normally used for your support and maintenance, such as clothing, furniture, household goods, and so forth. After you file your case, a Trustee is appointed. His/Her job is to will liquidate (sell) all of your non-exempt assets and pay your creditors according to the priority they receive in the Bankruptcy Code.
  
  Should you file Chapter 7?
  The goal of a personal bankruptcy is to discharge your existing debts and give you a fresh start. In other words, once your discharge is granted, you no longer need to repay the debts that were incurred before you filed your bankruptcy. Your creditors are entitled to share in any funds generated by the liquidation of your non-exempt assets. You will not owe them anything after the bankruptcy even if they are not paid completely through your non-exempt assets.
  
  Certain debts are non-dischargeable. Examples of these include child and spousal support, income taxes less than three (3) years old, any debts procured by fraud, incurring debt without a reasonably certain ability to repay the debt, obligations contained in a Marital Settlement Agreement and a few others.
  
  Assuming you need to file a bankruptcy, the only way to determine which Chapter to file under is to first compare your options under the other available Chapters. Generally, Chapter 7 is the cheapest, quickest and least painful of the three major Chapters. The filing fee is $299. Attorneys fees vary depending on your circumstances, but range from approximately $1,200.00 to $2,500.00 or more, and includes preparing and filing the paperwork and, generally, attending the meeting of creditors.
  
  If you are an individual, and meet the requirements, Chapter 7 allows you to discharge most or all of your debts. It allows you to do this regardless of how many assets you have or how much your creditors ultimately receive. It basically allows you to walk away from your debts and start over.
  
  Corporations do not receive discharges, but there still may be some benefit to allowing a trustee to liquidate the assets.
  
  What are some of the disadvantages?
  You are only able to receive a discharge after six years have passed since your last discharge. Thus, you should not file a bankruptcy if you want the option of doing it again in the near future. Your creditors may not be too happy about having their debts discharged. If you are a corporation, you must stop operating your business immediately upon filing the Chapter 7 petition. Only under extraordinary circumstances will the Trustee operate a business.
  
  What about your credit?
  The bankruptcy will appear on your credit report. However, this is usually not as big a problem as most people think. Credit lending agencies know you won't be able to file another bankruptcy for at least 6 years, and therefore, they don't have that risk to bear. You may not get as high a credit limit as you once had, but getting credit shouldn't be that difficult.
  
  A word about credit cards and cash advances
  Any debt aggregating more than $1,075.00 from any single creditor for non-essential goods, or cash advances on your credit cards, incurred or taken within 60 days prior to filing the bankruptcy, are presumed to be nondischargeable. The obvious reason for this is to discourage would-be debtors from "maxing" out their credit then filing bankruptcy. To be safe, do not use your credit cards for anything other than food, clothing and other essentials during this two month period. It may also be considered grounds for objecting to your discharge if you have taken cash advances on one credit card to pay the minimum balances on the others. You should consult with your attorney about your personal situation.
  
  So why do you need an attorney?
  Some paralegal services charge a minimal fee to prepare and file the necessary paperwork to file a bankruptcy. While in some cases this may not be a major problem, it has been my personal experience that the risk is simply not worth it. Much of what goes into the petition comes from insightful and probing questioning from a qualified bankruptcy attorney. Paralegals cannot see all the potential pitfalls and problems that may arise. They are also not always able to adequately assess the laws surrounding exemptions and to determine what your best options are. They also cannot represent you in court if the need should arise.
  
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  Chapter 13 Bankruptcy (Reorganization)
  Chapter 13 is a section of the Bankruptcy Code which helps qualified individuals, or small proprietary business owners, who desire to repay their creditors but are in financial difficulty. It is often referred to as a "mini Chapter 11" because you usually repay something to your creditors and you retain your property and make payments under a Plan. The main purpose of a chapter 13, as opposed to a chapter 7, is to enable a debtor to retain certain assets (for example, your home) that would otherwise be liquidated by a chapter 7 Trustee. The goal of most any personal bankruptcy is to discharge your existing debts by repaying all or a portion of your debts, and allow you a *fresh start* on your finances. In other words, once your discharge is granted, you no longer need to repay the debts that were incurred before you filed your bankruptcy. Assuming you need to file a bankruptcy, the only way to determine which Chapter to file under is to first compare your options under the other available Chapters.
  
  Who may file?
  Only an individual with regular income who owes, on the date you file the petition, less than $250,000.00 in unsecured debt and $750,000.00 in secured debts. These debts must also be noncontingent and liquidated, meaning that they must be for a certain, fixed amount and not subject to any conditions.
  
  What are the benefits?
  Chapter 13 protects individuals from the collection efforts of creditors; permits individuals to keep their real estate and personal property; and provides individuals the opportunity to repay their debts through reduced payments. You may be able to discharge debts in a Chapter 13 that would be nondischargeable under other chapters, for example, fraud judgments.
  
  How long does it last?
  The size of your monthly payments is determined by the amount you can afford to pay after paying necessary living expenses (including insurance, mortgage payments, etc.). Typically, the Plan payments last for 36 months, unless additional time is requested, but in no event will they last more than 60 months. Therefore, if your payment analysis shows, for example, that you can afford to pay $200.00 per month (above and beyond your normal living expenses), you would pay that each month to the Chapter 13 Trustee, who would disperse it pro rata among your creditors. At the end of 36 months, you are discharged from all dischargeable unsecured debts, regardless of how much your creditors have received. Secured debts (your mortgages) must be repaid in full, but Chapter 13 enables you to cure the defaults (reinstate the loans) over 36 months.
  
  Some Disadvantages
  If you miss any payments due under your Plan, your case will be dismissed by the Court.
  
  Costs
  The filing fee is $274. Attorney's fees range from around $1,500 to $5,000.00+ depending on the circumstances.
  
  So why should you not use a paralegal?
  Some paralegal services charge a minimal fee to prepare and file the necessary paperwork to file a bankruptcy. While in some cases this may not be a major problem, it has been my personal experience that the risk is simply not worth it. Much of what goes into the petition comes from insightful and probing questioning from a qualified bankruptcy attorney. Paralegals cannot see all the potential pitfalls and problems that may arise. They also cannot represent you in court. Further, if you list things incorrectly in your petition, or omit necessary items, it is YOUR problem, not the paralegal's.
  
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  Chapter 11 Bankruptcy
  Chapter 11 of the bankruptcy code is typically for business reorganizations, or for individuals who do not meet the strict asset/debt limitations for Chapter 13.
  
  Why Chapter 11?
  Chapter 11 is unique in that the Debtor remains in possession of all his assets and his ongoing business. In other words, the Debtor itself (or himself or herself) is the Trustee for the estate. While this is a great advantage, it does not come without its costs. There are great powers afforded to Chapter 11 Debtors, such as the ability to object to your creditors' claims, avoid liens, reject leases and contracts with no penalty, extend the time for repayment to your existing creditors or even reduce the amount owed or paid to them. Typically, there is litigation associated with any Chapter 11 case, either with the Debtor attacking the creditors, or vice versa.
  
  Some of the hard facts
  Chapter 11 is very expensive and time consuming. There are constant administrative burdens which must be met. Reports must be filed and fees must be paid. Since Chapter 11 cases can last from several months to several years, the professional fees (attorney, accountant, C.P.A.) can run from $10,000 to well over $100,000.00; the filing fee is $1039.
  
  The key
  The key to a successful Chapter 11 case is pre-bankruptcy planning. Very few Chapter 11 cases are successful when the Debtor arrives at the attorney's office needing to file the petition immediately. This is true with any chapter of the bankruptcy code, but is particularly critical in a chapter 11. Why? Because the administrative burdens, time constraints, financial pressures, and other problems are so great, that a failure to plan ahead, and prepare as much documentation as possible prior to filing, will usually spell disaster. All you will end up doing is paying your attorney several thousand dollars for a few months' breathing room, only to end up where you were to begin with.
  
  The plan
  The ultimate purpose of a Chapter 11 case is to get a Plan of Reorganization (repayment) confirmed by the court. This is by no means a simple task and the requirements for doing this are rather complex and will not be discussed here. The Plan is basically a contract with one's creditors as to how they will be repaid, and from what source. There are many ways to formulate a Plan and the more skilled attorneys will explore all avenues to improve your business and financial position.
  
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  The Bankruptcy Abuse and Consumer Protection Act of 2005

  These amendments to the bankruptcy laws, effective October 17, 2005 , cover a number areas including:

  • Means Testing
  • Child Support;
  • Credit Counseling; and
  • Retirement Protection

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  The Administrator of the Program

  The United States Trustee Program, a component of the Department of Justice, is responsible for overseeing the administration of bankruptcy cases and private trustees.

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  Counseling Service

  Consumer Credit Counseling Service of Greater Washington , D.C.
  
  
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  Bankruptcy Library

  - Fill out a Bankruptcy Intake Form
  - Kelly Blue Book
  - NADA Vehicle Values
  - PACER Public Records
  - U.S. Bankruptcy Code
  - Bankruptcy Court Web Sites
  - Origin of the term “Bankruptcy”
  - Bankruptcy Federal Rules
  - Bankruptcy Local Rules
  - Bankruptcy Forms
  - History of Bankruptcy
  - Bankruptcy Exemptions
  - Bankruptcy Explained
  - Bureau of Labor Statistics
  - Bluebook Legal Citation Guide
  - Model Rules of Professional Conduct
  - Library of Congress Legislative information
  - Bankruptcy Yearbook & Almanac
  - BankruptcySales.com
  - U.S. Trustee Program
  - National Association of Bankruptcy Trustees
  - National Association of Chapter Thirteen Trustees

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  * Chapter 7 only, does not include filing and search fees and costs, requires less than 5 unsecured creditors for single person located in Eastern District of Virginia Bankruptcy Region (Fairfax, Loudoun, Alexandria, Arlington, Fredericksburg etc.). Additional Charges may apply. Dunlap, Grubb & Weaver does not handle bankruptcy filing matters outside of the Eastern District of Virginia, Alexandria Division.