Congratulations: You have decided to explore the realistic options that are available to extricate yourself from debt, put your financial house in order and begin your financial life with a fresh start. The following is intended to be an outline of what you can expect from the bankruptcy system and alternatives to the bankruptcy system.
Bankruptcy is not a "destination", it is a tool. Before we file bankruptcy, we will consider all non-bankruptcy options. And even if filing bankruptcy is the best choice, we want you to know all the possible outcomes available so you can compare these options as a benchmark. Although the procedure may change, our focus on keeping the client informed and up-to-date on the next step in the legal process is an important aspect here at McCreedy Law.
Bankruptcy is not a "destination", it is a tool. Before we file bankruptcy, we will consider all non-bankruptcy options. And even if filing bankruptcy is the best choice, we want you to know all the possible outcomes available so you can compare these options as a benchmark. Although the procedure may change, our focus on keeping the client informed and up-to-date on the next step in the legal process is an important aspect here at McCreedy Law.
Services
Located in Downtown Norfolk, the McCreedy Law Group PLLC represents clients from the Hampton Roads area, including: Norfolk, Virginia Beach, Chesapeake, Suffolk, Newport News, and Portsmouth. We offer clients a customer-focused, cost-effective experience while providing the highest level of legal service available.
For over 30 years the McCreedy Law Group PLLC has represented the people of Hampton Roads in a broad array of practice areas, distinguishing our expertise throughout the 757 area. Having completed a multitude of bankruptcy chapter 7 cases, The McCreedy Law Group is an established firm at reducing any financial burden our clients may have.
Having completed a multitude of bankruptcy chapter 7 cases, the McCreedy Law Group is an established firm at reducing any financial burden our clients may have. Chapter 7 bankruptcy is a liquidation proceeding in which the debtor's non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code.
Chapter 11 bankruptcy is primarily used as a means to restructure a businesses debt, allowing the business to continue operating as the proceedings continue while at the same time guaranteeing an automatic stay from creditors. An automatic stay prevents any creditors from continuing collection attempts.
Chapter 13 bankruptcy is a reorganization of the debitors assets. Generally, the debitor will be required to pay back all or a portion of the non-excludable debt over a period of 3-5 years. However, special circumstances must be met to file bankruptcy under chapter 13. The debitor must have regular income that can support the payment plan the trustee provides over the next 3-5 years.
