At the David McCormick Law Group, we make sure to fully evaluate all client cases to determine the available of all their potential options. Regardless of whether you qualify for bankruptcy, or if you are eligible to file under Chapter 7 or Chapter 13, our firm will also assess your financial situation for other possible alternatives. Our attorneys are also prepared to provide you with the tools, resources and knowledge about your case, while working closely with you to develop financial plans that may allow you to avoid bankruptcy, depending on your situation.

Before undertaking any serious legal action or filing for bankruptcy, you should always consider the alternatives and the ways in which you may benefit. For example, credit counseling or out of court arrangements can be an excellent way of avoiding a bankruptcy and saving you the repercussions involved. In addition, some individuals may be able to restructure debts that can allow for loan modifications, debt forgiveness or other forms of debt relief without the formal legal action of filing bankruptcy.


Under Virginia code §55-156-167, the state of Virginia allows for an alternative to bankruptcy known as an assignment for the benefit of creditors. This legal action involves a third-party that handles the disposition, or sale, of assets and the handling of proceeds for the benefit of creditors. Very few cases that we handle qualify under this code provision. The person handling the debtor's property, referred to as a trustee, will typically sell the debtor's property and apply the money received toward the payment of debts, returning any surplus to the debtor. Trustees also have the right to compromise and settle any claims against the debtor for the benefit of all the creditors. Our firm can inform you about the assignment for the benefit of creditors legal and can evaluate your case to determine the benefits of this alternative on your situation.


As with any form of bankruptcy, the personal circumstances surrounding your financial situation will largely dictate which action or legal procedure can be taken. In addition, our firm also takes your goals, what you wish to accomplish and your financial future into consideration when developing a plan of action. As there is no universal formula in these cases and because no two cases are the same, it is highly advised that you have a knowledgeable Virginia Beach bankruptcy attorney from our firm asses you case.

Having served more than 17,000 clients from all walks of life, we have seen a diverse range of circumstances and are prepared to handle whatever your case may bring. If you would like to learn more about the alternatives to bankruptcy that may benefit your current situation or if you wish to speak with an experienced bankruptcy lawyer from our firm, contact the David McCormick Law Group.

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