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Chapter 7 Archives

What is an automatic stay?

People in Virginia considering bankruptcy could benefit their situation by learning about some of the basics for the process. Bankruptcy laws are also meant to ensure that debtors are not abused or deceived by creditors seeking repayment. Additionally, filing for bankruptcy is supposed to give individuals relief from overwhelming debt, allowing for a fresh start when personal debt becomes too much to handle and an automatic stay to stop creditors from trying to collect.

Requirements for Chapter 7 bankruptcy

Virginia individuals who wish to file for Chapter 7 bankruptcy must go through credit counseling no more than 180 days prior to filing. When the course is completed, the debtor will receive a certificate that must be presented at the time of the filing. The case may be dismissed if this document is not given to the court clerk within three days of petitioning for bankruptcy.

Am I eligible to file for Chapter 7 bankruptcy?

Chapter 7 bankruptcy may be available to those in Virginia who are filing as an individual or a business entity. Those who qualify are allowed to liquidate any debts that are eligible to be discharged regardless of how much that debt is. For instance, a debtor who has $1,000 of debt is given the same consideration under the law as someone with $100,000 worth of debt.

Overview of consumer bankruptcy

Virginia residents may want to know more about how a bankruptcy works. Bankruptcy is a federally-governed legal process designed to provide a fresh start to individuals and businesses by restructuring or eliminating certain debts. A case begins when a debtor files a petition with the bankruptcy court listing all assets, debts, income and other relevant financial information. At that point, an automatic "stay" is placed on all debt collection efforts.

Truland bankruptcy leaves construction projects on hold

Since July 2013, approximately 20,000 businesses have filed for bankruptcy. The Truland Group, a well-known electrical contractor, became one of those companies on July 23. The company filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Virginia and many other companies in the area are feeling its effects. General contractors that had hired Truland to do electrical work in schools, condos and hotels are now forced to find new subcontractors.

Measuring a discharge in bankruptcy

Virginia residents who are considering filing for bankruptcy may wonder what a discharge date is or exactly what it means to have debts discharged. The discharge is what happens at the end of the proceeding, after the petition has been filed and approved by the judge. For many people, the discharge date is also the emotional end of a long and frustrating journey, as it represents the date they are no longer struggling with debt.

Bakery files for bankruptcy

Crumbs, a bakery specializing in over-sized cupcakes, is filing for bankruptcy protection. Based in the northeast, the company had locations in Clarendon and Tysons Corners in Virginia. Court records indicate the filing is a Chapter 7 case, which is the process used for liquidation. The announcement came just a week after the business was removed from the NASDAQ.

Student loan debt is a heavy burden for many in Virginia

Many college graduates in Henrico County are putting off major milestones, such as getting married, buying a house and starting a family, because they are hampered down by student loan debt. Others are not only dealing with those realities, but also with barely even being able to make ends meet because of unmanageable student debt. This is a very unfortunate situation that thousands of people throughout Virginia and the entire nation are finding themselves in.

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Bowen Ten Cardani, PC

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