Virginia bankruptcy law education and training will teach you how to resolve your clients’ debts by dividing their assets among their creditors. This allows each creditor to achieve some measure of equality under the law. A filing under Chapter 7 is called liquidation and involves the sale of the debtor's non-exempt property. A bankruptcy proceeding under Chapters 11, 12 or 13 allows the debtor to use future earnings to pay off creditors.

The qualifications needed to become a bankruptcy lawyer in Virginia help are determined at the state level and also will be affected by the specific type of bankruptcy that the client requires. There are three general phases in obtaining an education in bankruptcy law:

1. Formal education. A bankruptcy attorney in Virginia will typically need at least a Juris Doctor (J.D.) degree from an accredited law school in Virginia. An advanced degree such as a Masters of Law (L.L.M) will further help distinguish you from your colleagues.
2. Membership in professional organizations. Practicing attorneys will want a membership in one of the many associations dedicated to bankruptcy law in Virginia.
3. Legal specialization. Bankruptcy attorneys in Virginia can become designated specialists in bankruptcy law by meeting the state's specific requirements.
   

Action Steps
The best contacts and resources to help you get it done

Attend a law school that specializes in VA business bankruptcy law

There are a variety of universities in Virginia that provide a concentration in bankruptcy law. These schools are equipped to offer a solid education on the current bankruptcy laws in Virginia.

I recommend: The University of Virginia School of Law offers a concentration in business organization and finance that includes a study of bankruptcy. George Mason University School of Law has a clinic for legal assistance that allows students to represent clients in bankruptcy cases.

Find professional forums for a bankruptcy lawyer in VA

Professional online forums can provide a daily educational opportunity for bankruptcy attorneys in Virginia. These include information on recent changes in bankruptcy law and advice on building a practice.

I recommend: The Virginia State Bar provides educational information for practicing bankruptcy attorneys in Virginia. Virginia Bankruptcy Law provides various resources on bankruptcy law in Virginia, including a discussion of the bankruptcy exemptions in Virginia.

Obtain a specialization in state of Virginia bankruptcy laws

Virginia allows attorneys who practice certain areas of the law, such as bankruptcy, to be certified as specialists. A bankruptcy attorney in Virginia will need to know Virginia's specific requirements for a specialization in bankruptcy.

I recommend: Virginia Continuing Legal Education provides a seminar for Continuing Legal Education (CLE) credit in Virginia called "The Nuts and Bolts of Bankruptcy Law". The Tidewater Bankruptcy Bar Association hosts an annual seminar on bankruptcy law that counts towards the CLE requirement in Virginia.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Attorneys also will want to join professional organizations that are dedicated to the practice of Virginia bankruptcy laws. These associations provide a number of resources essential for the practicing bankruptcy attorney, including contact information for important courts, assistance with Continuing Legal Education (CLE) requirements and links to bankruptcy laws.

No one starts their business thinking they will fail and end up having a VA business bankruptcy law question. However, things happen and there may come a time when filing for bankruptcy in Virginia becomes the best option for you and your business.

Research the appropriate Virginia bankruptcy laws before you make a decision about filing for bankruptcy. You want to have a complete understanding of the process and what you have to lose and gain from filing for bankruptcy in Virginia before doing so. Before filing for bankruptcy keep in mind and the following:

1. File for bankruptcy for the opportunity to start over. View your bankruptcy filing as a new beginning instead of an ending.
2. Understand how Virginia bankruptcy law is going to affect your current business and any future business endeavors.
3. Examine the decisions you made that brought you to this point. Study your business decisions so you know what went wrong and how to avoid the same situation in the future.
   

Action Steps
The best contacts and resources to help you get it done

Familiarize yourself with the business bankruptcy Virginia process

Filing for bankruptcy has changed drastically since the passage of the 2005 bankruptcy laws. You may not be eligible any longer to file for Chapter 7 bankruptcy. If you have a valuable asset that isn't covered under the exemptions that you want to keep , Chapter 13 may be a better option for you anyway.

I recommend: The Bankruptcy Site has detailed information that covers bankruptcy law in Virginia. SRIS, P.C., offers detailed information on the different bankruptcy options available.

Determine the exemptions you have under VA bankruptcy laws

Know the exemptions you have available under Virginia bankruptcy laws. Homestead, insurance and pensions are some of the property concerns you want to investigate before you make a decision to file for bankruptcy in Virginia.

I recommend: Virginia Bankruptcy has a chart showing all of the exemptions that are available under Virginia bankruptcy law with explanations on how each of the exemptions work. Bankruptcy Information also has a chart with all of the available exemptions in Virginia as well as links to other VA bankruptcy law information.

Hire a good bankruptcy lawyer in VA

It's not a good idea to file for bankruptcy without a good bankruptcy attorney. If you're looking for a bankruptcy law firm, Virginia has several of high-quality ones from which to choose. Find a bankruptcy attorney in Virginia that is a good fit for you and your business.

I recommend: Lawyers.com has a database where you can find a bankruptcy lawyer. Virginia Beach-based lawyers from the Law Offices of Tom C. Smith specialize in bankruptcy law.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  To help you make the decision on whether bankruptcy protection is right for you, determine what your priority debts are before filing bankruptcy in Virginia. Your priority debts include things such as alimony, child support and any back taxes you may owe that won't be wiped out during the bankruptcy process.

While most business owners don’t plan on filing bankruptcy, learning Virginia bankruptcy law basics will help you gain a better understanding of your options if the need ever exists.

Bankruptcy is a decision that shouldn’t be taken lightly. To determine if filing bankruptcy is the right choice, you should evaluate the future of your business, the amount of debt you owe and your ability to generate enough income to cover those debts and other operating costs. Consider the following steps to learn more about Virginia bankruptcy law basics.

1. Weigh your filing options under Virginia bankruptcy law.

2. Research how federal guidelines affect local Virginia bankruptcy laws and how bankruptcy would effect your business.

3. Consult with a bankruptcy lawyer in Virginia.

Action Steps
The best contacts and resources to help you get it done

Evaluate filing options under Virginia bankruptcy law

Businesses can get a handle on their debts by reorganizing or filing Chapter 11 or Chapter 7. A workout involves the restructuring of the company to decrease debt in an effort to get out of the red. If this option is not successful, businesses can also file Chapter 11 or completely dissolve their business. The option available to any specific business is determined on a case-by-case basis.

I recommend: Read more about filing options available under VA bankruptcy law at The Fried Law Firm. You may also read more at Douglas A. Scott PLC.

Identify filing requirements under Virginia bankruptcy laws

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 affected consumers and businesses. The law's largest affected group is small business owners. Under the Act, sole proprietorships are held accountable to the same guidelines and requirements imposed on individual debtors. Therefore, under Virginia bankruptcy law, sole proprietorships are required to pass a means test and undergo credit counseling before being permitted to file bankruptcy.

I recommend: Read more about how the Act affected local Virginia bankruptcy laws at VirginiaBusiness.com. Learn more about filing bankruptcy in Virginia at LawInfo.

Seek professional advice on Virginia bankruptcy law

Virginia bankruptcy laws allow small businesses to file bankruptcy under Chapter 11. To obtain details about the state's bankruptcy laws, you should consult with a bankruptcy attorney. Virginia bankruptcy laws define small business as an entity that doesn't have secured and unsecured debt exceeding $2 million. To iron out the do's and don'ts of filing bankruptcy, you can consult with a bankruptcy lawyer.

I recommend: Read more about VA business bankruptcy law at Cooch & Lapham. You may also obtain consultation on Virginia bankruptcy law from SRIS.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Under VA bankruptcy laws, businesses seeking to file bankruptcy must petition the courts to do so. Businesses will typically also be required to file a Chapter 11 financial plan outlining how they will handle future creditor obligations. Virginia courts have the jurisdiction to relieve businesses of some or all of their debt depending upon a review of their ability to pay.

Whether you are a bankruptcy lawyer in Virginia, or going through a business bankruptcy in Virginia, it is imperative that you stay on top of the latest news and trends regarding the law. It's the only way that you can be sure that the steps you are taking for your business or on your clients’ behalf are the correct ones.

Take the time to learn where to locate information on Virginia bankruptcy law so that you can stay up to date on all of the legal changes and rulings. Here are some resourceful links to get you started on your search for Virginia bankruptcy law news and trends.

1. Go to the website of a licensed bankruptcy attorney Virginia and read the news posted on their website.

2. Educate yourself on the latest news regarding Virginia bankruptcy laws by reading government and court websites.

3. Find the publications that cover Virginia bankruptcy law within the state.

Action Steps
The best contacts and resources to help you get it done

Learn about news associated with VA bankruptcy laws by reading an attorney's website

There are many bankruptcy attorneys within the state of Virginia that post the latest news regarding bankruptcies on their websites. This news ranges the gambit on everything from legislative changes to the latest trends within the state of Virginia and the United States as a whole. Reading the news will give you perspective on things that may affect your potential bankruptcy filing.

I recommend: Visit the website for Robert Weed. A bankruptcy lawyer in VA, he has a news section on his website dedicated to the latest news. Also, BJ Haynes, another bankruptcy lawyer in Virginia, offers similar resources.

Learn about Virginia bankruptcy laws on state sponsored websites

In every state, the official websites for the bar association, legislative branches and courts usually have a news scroll. These scrolls will include articles related to the latest laws passed and court rulings found within the state. In this case, that state is Virginia. Take the time to locate these Virginia state government websites and read up on the latest information to break.

I recommend: Visit the website for the Virginia State Bar about bankruptcy laws in VA. They post informative articles on their website as well as release a newsletter periodically. Also the website for Eastern District of Virginia Bankruptcy Court provides a news scroll on their home page.

Find newspapers and publications dedicated to covering Virginia bankruptcy laws

When it comes to locating the latest news about Virginia bankruptcy laws, it is helpful to read the papers and magazines published throughout the state. Usually in the state or business section of the paper, bankruptcy law news will be covered. Take the time to locate these publications so that you can stay on top of the latest news affecting the bankruptcy laws within the state of Virginia.

I recommend: Go to the websites for Alexandria Online as well as the Newport News Online. These publications are produced by the courts system in Virginia and cover articles related to bankruptcy laws and rulings within the state.