A Virginia Chapter 7 Bankruptcy has a lot of moving parties. Knowing the different players and the common terminologies used can help in the process.
1) The Debtor
The individual who files the petition in a Virginia Chapter 7 Bankruptcy is known as the Debtor. He is the person who seeks discharge of the debts owed to other individuals. A Debtor can be an individual or a business. A joint debtor, that is a Husband and Wife can also file together.
2) The Trustee
In a Virginia Chapter 7 Bankruptcy, the person charged with the collection and selling of a Debtor’s non-exempt assets to pay off its creditors, who have to analyze the bankruptcy is known as the Trustee. It is this person that runs the meeting of the creditors, where they will ask questions to the debtors about their petition for bankruptcy and attached schedules. The trustee can also file certain motions to be based on the facts and appropriate in chapter 7 Bankruptcy.
3) The Judge
A judge comes into place only when there is some motion put before the court. Otherwise, in a Virginia Chapter 7 Bankruptcy, there is very little involvement of a judge. The Judge has to rule on motions by the Trustee, the Debtor, or motions filed by Secured creditors based on the file received, seeking relief from the automatic stay, to collect the secured loans.
4) The Attorney
A debtor may need the help of an attorney, that is a person with knowledge on the filing and the procedure to assist in completing a chapter 7 Bankruptcy. The attorney will help in collecting all the documents. The attorney will also help you see whether a chapter 7 Bankruptcy is appropriate. They will also help to prepare the documents for filing. The attorney will also help prepare the debtor to meet with the creditors, and with the documents of the same too. The attorney should guide the debtor from the first step to the last.
It is very important for an individual, to choose a good attorney for the same. Without it, you may lose on a lot of things. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the Same.
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Filing for Virginia Chapter 7 Bankruptcy is not a very difficult thing. Just know about all the players, and how they can come of use to you, and you are good to go.