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Federal & State Bankruptcy Laws
Bankruptcy law provides for the development of a plan that allows a debtor, who
is unable to pay his creditors, to resolve his debts through the division of his
assets among his creditors. The following is list of laws related to Bankruptcy:
Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.
Definition:
The right of a party with an interest in the debtor's property (such as a secured creditor) to assurance that its interest will not be diminished during the bankruptcy proceedings.
Petition
Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.
Chapter Nine
Definition:
Bankruptcies of municipalities; only a few of these are filed each year; over the period 1980 through 1988 there averaged about 4 Chapter 9 filings per year.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Alexandria
Annandale
Arlington
Ashburn
Blacksburg
Burke
Centreville
Charlottesville
Chesapeake
Chester
Chesterfield
Christiansburg
Colonial Heights
Culpeper
Danville
Dumfries
Fairfax
Falls Church
Fredericksburg
Front Royal
Glen Allen
Hampton
Harrisonburg
Herndon
Hopewell
Leesburg
Lorton
Lynchburg
Manassas
Martinsville
Mc Lean
Mechanicsville
Midlothian
Newport News
Norfolk
Petersburg
Portsmouth
Powhatan
Radford
Reston
Richmond
Roanoke
Salem
Spotsylvania
Springfield
Stafford
Staunton
Sterling
Suffolk
Vienna
Virginia Beach
Waynesboro
Williamsburg
Winchester
Woodbridge
Yorktown
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