Whether or not this is valid or proper is an argument for another day – the key now is that if you are using Wachovia for either checking or savings accounts they will likely freeze the assets in those accounts.

The quick fix is to move your accounts from Wachovia prior to filing so that there are no assets to freeze.  Wachovia is the only bank that I know of at this time doing this.  As I do some more research I will keep the blog posted.

My intent is not to sell my law firm , but to provide you the useful information that you need.  If you choose to work with us, then super, if not, then please use this information to your best advantage. 

I’ll be using a combination of PowerPoint, videos and white board discussions and I will do my best to keep it lively.

This is how I propose addressing the issues.

1.  How Bad Is It: We’ll take a look at your gross income, your net income and your monthly expenses.  During this section we’ll be developing an actual budget – whether we actually use it will depend on the course you ultimately choose.

2.  What Is My Base Monthly Budget: This is where we will look at your expenses, are they ‘necessary’ or ‘elective’.  If they are ‘necessary’ then we look at reducing them; if they are ‘elective’, then we look to eliminate them (sorry, the daily manicure may need to go!).

3.  What Are My Options?:  While bankruptcy can be a very useful and effective tool when used properly, it can also be unnecessarily troublesome.  If the patients finger is cut, then cancel the heart replacement surgery and just put a band-aid on the cut!  Beware the bankruptcy practitioner that does NOT address this!  After all, your coming in for advice and direction, so make sure you get it!

4.  Preparing to File a Chapter 7 Petition:

     a.  Gathering the Information,

          i.  Taking Inventory of Your Estate,

          ii.  Identifying Your creditors, and

          iii.  Gathering The Documents.

5.  Credit Counseling:  The who, what, when and where of the required counseling classes.

6.  Inputting the Data: Introduction to the website that we use to collect and gather all of your information that is fundamental to preparing a complete and comprehensive petition.  

7.  Filing The Petition:  The strategic timing of when to actually file the petition !

8.  The section 341 Hearing:  What to expect when meeting the Trustee.

9.  The Discharge:  Its Done . . . almost!

10.  What You Can Do to Rebuild Your Credit:  Ideas to help you put your financial train back on the tracks to prosperity and stability!

One of the goals with this bankruptcy blog is to help folks who find themselves in over thier head financially and are considering bankruptcy.  This blog is not intended to convey detailed legal analysis about the hot bankruptcy topics of the day … but instead to speak to my neighbors and friends about bankruptcy and various related issues.  The postings will focus on my practice of bankruptcy and allow me to express my opinions on the various aspects of bankruptcy.  I am who I am - so expect this blog to be written in pretty much the same manner as if I were speaking to a member of my family, only nicer!

Personally, bankruptcy should mean different things to different people, so not all of the posting will apply to everyone.  You really have to consider where you are in life, and where you expect to be in 5 – 10 years when considering filing a bankruptcy petition.  For example, someone who is  just starting out in life, i.e., looking forward to buying thier first house, should look at bankruptcy differently than someone who is closer to retirement age than they are to the drinking age!  As such, bankruptcy is not a cure-all for all folks.

To begin, when I first meet with someone I take it for granted that they are in a financial bind – most folks don’t wake up in the morning thinking, “Wow!  I have some extra cash in the bank that I’d like to give to some attorney!”  Instead, life happens. 

I’ve both seen and personally experienced the symptons of life happening, such as financial distress.  Typically, the symtpons appear as creditors calling, garnishments, foreclosures, threatening letters, etc.  However, I’ve also experienced that the symptons more often than not include arguments with family members, co-workers and friends, loss of sleep, loss of appetite, work impact, etc. 

When folks are overcome with the symptons, I sincerely believe that there is help and it may be in the form of filing a bankruptcy petition.  It is from this perspective that I hope to write about in addition to the actual pracitce of filing petitions, attending 341 hearings, credit counseling and so forth. 

As a believer in the process I personally feel that one of the things required to put this country back on its feet is not to be found in Washington, nor on CNN or Fox, but in our homes.  We have to take responsibility for ourselves and our families.  Believe it or not, filing a bankruptcy petition is doing just that - putting our own financial houses back in order.  There is Pride to be found in getting back on our feet.  I believe that there is more pride to be found in moving forward and bettering yourself than there is embarrassment in filing a bankruptcy petition!  

Most individuals come to see me because of a pending foreclosure, are behind on the mortgage, received a warrant in debt, court judgments issued, overly persistent creditors, have lost jobs due to illness or layoffs, or simply because of overwhelming debt.  These are the issues I want to talk about.

To understand who I am, I am someone who approaches both my personal and business dealings as the christian man that I profess to be – unfortunately, I also profess that my christian walk is by no means perfect.  I’m the clump of clay on the potter’s wheel – a work in progress that may not be much to look at now, but I sure have the potential to be somthing great! 

I will do my best to share my experiences, both positive and negative, through this bankruptcy blog in a fashion that will allow folks to understand that they are not alone where they are, and hopefully even find some answers and reassurance. 

So, thanks for visiting and please visit often as I intend to post daily.  Our office is located in Norfolk, Virginia, so my experiences are based in the Norfolk – Virginia Beach – Chesapeake – Portsmouth – Suffolk areas of Virginia.  Whether you are considering a Chapter 7 Bankruptcy Petition, a Chapter 13 Bankruptcy Petition, or are just not sure, keep us handy and maybe we can help!