Bankruptcy Services

Hoover Penrod PLC has a distinguished and experienced team of attorneys committed to helping businesses and individuals resolve their financial troubles. Our bankruptcy attorneys are familiar with local procedures and practices. No case is too big or too small.  In addition to representing clients in bankruptcy proceedings, we provide non-bankruptcy solutions tailored to meet our client’s needs.

We provide our clients with individualized and personal attention. An experienced bankruptcy attorney can guide a business or individual through the complicated legal, financial and emotional maze of bankruptcy and steer him or her in the right direction for the future.

We will help you understand your legal options and whether a bankruptcy or a non-bankruptcy solution is the right step for you or your business.  We welcome the opportunity to meet with you and discuss your situation.

Bankruptcy Overview

Bankruptcy is a legal way to provide relief to individuals and businesses in serious financial trouble. Most bankruptcy clients have experienced unexpected and extreme financial shock, such as that caused by sudden events including  job loss, business failure, death, divorce or illness.

Bankruptcy in America is governed by a set of laws found primarily in Title 11 of the United States Code. There are different kinds of bankruptcy cases, called “Chapters”, each with a different purpose and goal.

Chapter 7 bankruptcy

Chapter 7 bankruptcy is a legal proceeding in a federal bankruptcy court that relieves the debtor of some or all of his or her debts. It is the best option for individuals struggling with debt who do not have significant assets or whose assets do not have equity to outweigh secured debts and allowed exemptions. Filing a chapter 7 bankruptcy petition will stop harassing phone calls from debt collectors, prevent repossessions, and stop wage garnishments. There is an income qualification, called the “Means Test,” which affects an individual’s eligibility to file this type of bankruptcy.

Chapter 7 bankruptcy can be an option for businesses as well. However, if your goal is to continue to operate your business you should speak with us as soon as possible to identify solutions that would allow the business to continue to operate. For businesses, this type of bankruptcy involves liquidating all assets and closing down the business.

Chapter 13 bankruptcy

Chapter 13 is primarily for individuals looking to keep assets, such as a house, despite having fallen behind in the payments or for individuals whose income exceeds the limit for Chapter 7. Chapter 13 bankruptcy allows you to keep your home by catching up on mortgage payments over a period of 3-5 years, while continuing to make the current debt payments going forward. Chapter 13 is an effective way to stop the foreclosure process.

Chapter 11 Bankruptcy

Chapter 11 involves the reorganization of a troubled business looking to continue to operate while in the bankruptcy process. Typically the business’ current administrators will continue managing the day-to-day operations.

Chapter 11 bankruptcy may also be an appropriate solution for individuals with high net value.

Chapter 12 Bankruptcy

Chapter 12 is specifically designed for farmers and fisherman. Chapter 12 allows a “family farmer” or “family fisherman” as those terms are defined in the Bankruptcy Code to restructure their debt.  Our attorneys understand that farmers face a unique and special set of financial considerations and are experienced at helping farmers keep their property and restructure their debts.

Non-Bankruptcy Solutions

There are many non-bankruptcy solutions, such as negotiation and out of court restructuing, that can effectively resolve a difficult financial situation for individuals or business owners.  An experienced attorney can assess your individual situation and provide you with options.

Information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact one of Hoover Penrod’s experienced bankruptcy attorneys and welcome your calls, letters and electronic mail. Contacting us does not create an attorney/client relationship. Please do not send any confidential information until such time as an attorney — client relationship has been established. We welcome the opportunity to meet with you and discuss your situation. There is no cost for an initial consultation.

When representing individual consumers in bankruptcy proceedings, Hoover Penrod PLC is a debt relief agent.  This law firm helps people file for bankruptcy relief under the Bankruptcy Code

If you live in the Harrisonburg, Virginia area and you need an experienced bankruptcy attorney, please call Hoover Penrod PLC today at 540-433-2444 for a consultation.

Filing bankruptcy is only one of many options that may be the right answer for you. If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney to help you to assess your legal options, please contact Hoover Penrod PLC today for a consultation.