Bankruptcy

Richmond, Virginia Bankruptcy Lawyers

Kane & Papa, P.C. is based in Richmond, Virginia, conveniently located just a few blocks from the Bankruptcy Court. Our combined 55+ years of experience includes representation of virtually every type of bankruptcy case. At Kane & Papa, P.C. each member of our team is highly trained and prepared to handle any client need.

Because you are researching a bankruptcy lawyer, you or someone close to you is experiencing financial difficulty. Whether it is the result of a lost job or failed business, a divorce, an unexpected medical expense, back taxes, or a divorce, you are looking for answers and a fresh start. You have come to the right place.

First and foremost, you should not feel ashamed or embarrassed. Given the current state of the economy, many individuals and families are experiencing similar difficulties and have taken advantage of the many benefits bankruptcy has to offer. Bankruptcy is not a sign of failure; it is your right under the United States Constitutional and under Federal Law, and it is integral part of our nation’s economic system. Just like General Motors Corporation, Delta Airlines and Washington Mutual Bank, you have to put your personal emotions aside and view your finances as business. Like a business, you need to do that which is necessary for you and your family. We understand that sometimes this is not an easy decision. An experienced bankruptcy lawyer like those at Kane & Papa, P.C. is essential in helping you work through these issues.

The lawyers at Kane & Papa, P.C. know exactly how to protect your home and car, prevent your wages from being garnishment, and to stop harassing collection calls. With over 55 years of combined experience in helping thousands of Virginians file bankruptcy, Kane & Papa, P.C. is ready to help you get a fresh start and begin repairing your credit.
The most important thing you need to remember is to not wait until it is too late for help. There are important rights that you lose by waiting, most of which cannot be recovered through bankruptcy.

Call our office to arrange a free consultation.

Click here to download the entire Bankruptcy Information form in PDF format

As a federally designated Debt Relief Agency, we can provide legal assistance to obtain relief under the United States Bankruptcy Code.


Yes, You Can Still File for Bankruptcy

Despite changes in the law and in spite of what you might have heard on TV or read in the newspaper or hear from relatives or friends, you can still file bankruptcy. The new bankruptcy rules make impose some additional requirements and make filing bankruptcy more complicated. As a result it more important than ever for you to have an experienced bankruptcy lawyer help you. Contact us today.

  1. Chapter 7 Bankruptcy — If you qualify under the income means test, unsecured debts such as credit card balances, medical bills, certain back taxes and judgments can be discharged under Chapter 7 liquidation. Most clients are able to keep their home, car, retirement savings and personal possessions.
  2. Chapter 13 Bankruptcy — If your mortgage is in default, or if your income exceeds the Chapter 7 threshold, it is still possible to get immediate relief. Under Chapter 13 reorganization, foreclosure and repossession are halted and creditors must stop all actions. You will repay a portion of your debts over 3 to 5 years, based on ability to pay.
  3. Chapter 11 Business Bankruptcy — Similar to Chapter 13 for individuals, businesses can get relief while restructuring and formulating a plan to repay creditors over time. We can help business owners assess whether the company is viable or should be liquidated.

Some of the Important New Changes to the Bankruptcy Code include:

  1. Mandatory Credit Counseling. 
You must receive an individual or group briefing from an approved nonprofit budget and credit-counseling agency before filing for bankruptcy. Your case can be dismissed for failing to meet this new requirement. Kane & Papa, P.C. will help you arrange this.
  2. Mandatory Financial Management Course. 
Once your case has been filed, you must complete an approved financial management course to receive your bankruptcy discharge. If you are filing a chapter 7 case you must provide proof that you have completed this course within 45 days after the meeting of creditors. Kane & Papa, P.C. will help you arrange this.
  3. Multiple Filings. 
Discharged Cases. 
If you have previously filed bankruptcy and your case was discharged or dismissed, new rules can limit your options. Kane & Papa, P.C. will help you understand this.

Previous discharge in Now wants to file a must wait 

  • Chapter 7 Bankruptcy Chapter 7 Bankruptcy 8 years
  • Chapter 13 Bankruptcy Chapter 7 Bankruptcy 6 years*
  • Chapter 7 Bankruptcy Chapter 13 Bankruptcy 4 years
  • Chapter 13 Bankruptcy Chapter 13 Bankruptcy 2 years

*Ask an attorney for a possible exception to this waiting period


Dismissed Cases

If your previous case was dismissed within the preceding year, then the automatic bankruptcy protection that prevent creditors taken actions against a debt or property securing the debt will expire on the 30th day after filing your case. If you have two or more prior cases that dismissed within the preceding year, then there will be no automatic protection. It may be possible to extend the automatic stay based on the facts of your case, the number of previously dismissed cases, and the filing dates of those cases. Schedule a free consultation with one of our expert bankruptcy lawyers to discuss how your previous dismissed cases may affect you now.


Foreclosures

What is a Foreclosure?

If you have not made your mortgage payments on time, your mortgage company can start a legal proceeding known as a foreclosure to sell your real estate. The mortgage company will publish the sale of your property on a specific date. On that date, the property will be auctioned off to the highest bidder, which could be the mortgage company itself.

What happens after a Foreclosure?

After the foreclosure sale you no longer own the real estate. The new owner can evict you from the property. If the highest bid is less than the amount you owe the mortgage company, you will still have to pay the mortgage company the difference between what you owed them and the highest bid.

How to Stop a Foreclosure Sale.

If you contact Kane & Papa, P.C. before the foreclosure sale, we can stop the foreclosure and protect your property. Under a Chapter 13 Plan you will be permitted to stay in your home, continue to pay your regular mortgage payment plus pay the back payments under a repayment plan that you can afford.

When to Stop the Foreclosure Sale.

Once a foreclosure sale has been held, the bankruptcy law can no longer help you save your property. If your lender is threatening foreclosure or has initiated foreclosure proceedings, you should contact us right away. Unless you’ve recently filed a previous bankruptcy case, Chapter 13 will most always stop the foreclosure. If you’re like most people in Virginia, your home is your biggest investment. So when you are facing a foreclosure and the prospect of losing your home, you risk losing your biggest investment. Don’t wait until the day before the foreclosure sale to do something or it may be too late.

What is a Repossession?

If you get behind on your car, furniture, or other loans secured by your property, the creditor has the legal right to send someone to your home or anywhere else to retrieve the property.

How to Stop Repossession

The filing of a bankruptcy under any Chapter will stop the creditor from repossessing your property. Depending on which Chapter you choose, you may be able to keep the property and pay for it through a Chapter 13 Plan, otherwise the bankruptcy court may grant the lender permission to repossess your property after your case has been filed.

What if my Car or other Property has already been repossessed?

If your car or other property has already been repossessed, but has not been sold yet, then it can usually be recovered by filing a bankruptcy. This will require proof of insurance and payment of the repossession fees and storage fees incurred by the lender.

If you are facing the repossession of your car or motor vehicle or mobile home:

  1. A Chapter 7 Bankruptcy may enable you to discharge any remaining loan deficiency if you have to give up property and there is a remaining balance due after the sale, or;
  2. A Chapter 13 Bankruptcy may allow you to choose from the following:
    1. To surrender a vehicle or property that you no longer want or can no longer afford
    2. Get caught up on payments
    3. To pay off a lien by paying the lesser of the value of the vehicle or property or the full amount of the loan.

At Kane & Papa, P.C. we can help you to decide what your rights under the Bankruptcy Code may be available if you are facing vehicle repossession. Don’t wait until it’s to late to stop repossession. Get the information you need at a free initial consultation.