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John F. Roberts, Esquire Jeanne E. Hovenden, Esquire
Serving all of the Greater Richmond, Virginia, Metropolitan and Tri-cities Area, and Surrounding Counties 7459 Old Hickory Drive Mechanicsville, Virginia 23111 (804) 746-4000 Richmond Area (800) 388-8298 Outside of Richmond Area (804) 746-4146 Facsimile |
The Bankruptcy Process
What Are The Alternatives To Bankruptcy?
Bankruptcy is typically thought of as a “last resort” for individuals and entities that have serious financial problems. Prior to a bankruptcy filing, it is common for financially troubled individuals or entities to consider alternatives such as consumer credit counseling or an out-of-court workout or debt restructuring in which obligations to some or all creditors are modified to provide the individual or entity with some financial relief. Virginia law also provides for an “assignment for the benefit of creditors” under which another individual handles the disposition of assets and proceeds for the benefit of creditors.
The nature and extent of a debtor’s financial problems will dictate the course of action, or the legal procedure, that should be followed in a particular case. Individuals or entities who are experiencing such problems should consult with knowledgeable and competent professionals, including attorneys, before making such a decision.