Roanoke Bankruptcy Lawyer
Helping you find debt relief
Filing for bankruptcy is an important decision that has significant implications for your life. But when mounting debt begins to feel unmanageable, bankruptcy can provide relief. Bankruptcy attorney Richard D. Scott helps you decide whether filing for bankruptcy is the most effective way for you to take control of your debt.
Negotiators of debt relief options
Bankruptcy is not your only option. Attorney Scott often works with creditors to develop out-of-court solutions that avoid bankruptcy. Frequently, he can negotiate a smaller debt amount payable in more manageable monthly installments.
Experts in debt analysis
Richard D. Scott has been assisting people with overwhelming debts for 13 years. He analyzes your case to determine if bankruptcy will advance your immediate and long-term financial goals. He reviews your debts, income and expenses, and explains the full effects of bankruptcy on your family, business, home ownership and access to credit. If bankruptcy is the right choice, he provides detailed information about the bankruptcy process and a complete picture of the outcome you should expect. His upfront approach to bankruptcy gives you confidence in your financial future.
Reprieve through automatic stay
Filing a bankruptcy petition automatically triggers a stay, meaning creditors must immediately stop collections letters and phone calls. Attorney Richard D. Scott corresponds with your creditors from the moment you file for bankruptcy and acts entirely on your behalf.
Your bankruptcy options
Chapter 7 bankruptcy
For individuals and their spouses who own fewer assets and earn smaller incomes, Chapter 7 bankruptcy grants you relief from debts through liquidation of your assets as required by the Bankruptcy Code.
Chapter 11 bankruptcy
For corporations, limited liability companies, partnerships, and sole proprietorships, Chapter 11 bankruptcy permits your business to continue operating while you pay creditors under a reorganization plan. Chapter 11 bankruptcy is also available to individuals with with complex financial situations, often including more significant assets and liabilities than can be resolved through Chapter 7 or Chapter 13 cases.
Chapter 13 bankruptcy
An option for families facing foreclosure or whose incomes are higher, Chapter 13 bankruptcy permits you to pay off debts under a court-ordered installment plan extending three to five years. This option provides numerous advantages, including the possibility of keeping your home.
While bankruptcy laws are quite compassionate towards individuals who’ve fallen on hard times, they can be harsh on creditors who are forced to absorb a loss that helps finance the debtor’s fresh start. However, if you’ve received a notice of bankruptcy by someone who owes you money, don’t assume that you have no rights. Attorney Scott is available to assist creditors in cases related to Chapters 7, 11 and 13 bankruptcies.
What an “automatic stay” means to a creditor
An automatic stay is an injunction by the bankruptcy court that immediately prohibits creditors from seeking repayment of debts from the debtor. It doesn’t mean you’re out of luck, but it does mean any efforts to recover what you are owed must be directed towards the court. Richard D. Scott assists creditors in reviewing a debtor’s bankruptcy petition to see precisely where opportunities exist for the creditor to advance its claim. He is aggressive in meeting the court deadlines, which come quickly and require detailed responses. He takes the stress off his clients’ shoulders.
Secured versus unsecured debt
A loan that is secured by collateral gives the creditor a lien against a debtor’s asset. This is a huge advantage in bankruptcy court, where secured creditors go to the head of the line. Often the issue is cut and dried, but where there is ambiguity about whether a debt is secured, a skilled attorney can make the difference to a creditor’s chances of recovery.
The honesty requirement
The U.S. Supreme Court has stated that the Bankruptcy Code “gives to the honest but unfortunate debtor . . . a new opportunity in life….” If the debtor took on the debt in bad faith or through some kind of dishonest manipulation, he can’t discharge that debt. Likewise, if you believe there is misrepresentation or fraud in the debtor’s bankruptcy petition, such as attempting to hide assets, you must bring those objections to the court. An experienced bankruptcy attorney can present a clear and convincing argument to help your cause.
Contact an experienced Virginia bankruptcy attorney
Call The Law Office of Richard D. Scott at 540-400-7997 or contact the firm online to schedule your free bankruptcy consultation.