Bankruptcy touches practically all aspects of business these days. Consideration of the consequences of a filing by a party to any transaction must be given when drafting all commercial agreements – from leases and other real estate related transactions to business venture and financing documentation. At RP&B we are also equipped and prepared to represent any creditor, secured or unsecured, who has been impacted by a bankruptcy filing.

One of the primary evaluations which must always be made is whether a particular client is even a candidate - or eligible under complex rules - to file a bankruptcy case. All of our bankruptcy attorneys are familiar with these requirements. All of them can make an informed professional decision regarding whether to file or whether to pursue other remedies available under Virginia law.

There are three chapters of the Bankruptcy Code which are usually in play in this firm. A fourth chapter, Chapter 12, deals with family farmers and obviously that is seldom used in Northern Virginia.

The most common form of relief is under Chapter 7. This, generally speaking, means a liquidation of the Debtor’s assets which are not otherwise exempt from the process and a discharge of most consumer debts. Our attorneys are very familiar with all applicable exemptions and the time within which to claim them. We maximize those exemptions such that most clients do not have to surrender any assets. It takes time to go through all this carefully with a client and at RP & B we devote that time. In contrast, many high volume practitioners spend a minimal amount of time with the client and the whole process is handled by a secretary. We do not believe in that approach.

There are very important issues and time limits regarding what particular debts may be discharged. Some are dischargeable in a Chapter 13 but not in a Chapter 7, for example. Our attorneys will evaluate these concerns and address them early in the process.

A client may decide after analysis that his or her interests would be better served by filing a Chapter 13, which affords our experienced bankruptcy attorneys a whole array of opportunities for creativity. Generally speaking, a Chapter 13 filing allows a client to make one payment per month towards his unsecured debts to the standing Chapter 13 Trustee. It could result in payments to creditors of as much as 100 cents on the dollar or something less; this requires a careful financial analysis by experienced counsel.

Chapter 11 is available to both individuals and businesses. Its requirements and implementation are much more complex than the other two chapters. One of our senior partners, Robert M. Marino, is a specialist in this area. A Chapter 11 is usually either a reorganization with the business continuing or a liquidation in which assets are sold and the proceeds distributed to creditors pro-rata.

Bankruptcy touches many aspects of business these days. At RP&B we are also equipped and prepared to represent any creditor, secured or unsecured, who has been impacted by a bankruptcy filing.

NOTICE - We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Redmon, Peyton & Braswell, LLP - Attorneys at Law - Alexandria, Virginia - (703) 684-2000

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