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.