We know the ins and outs of personal and commercial bankruptcy.
Spiro & Browne is a Richmond law firm that specializes in bankruptcy and related commercial and fraud litigation. Between the two of us, we have over 50 years of experience. We’ve worked with individuals and businesses navigating bankruptcy as debtors or as creditors. We deliver high-caliber representation fueled by big firm experience, skill, and training—but with the personal attention, access, and affordability of a small firm.
Why choose Spiro & Browne?
- We have experience with people from all walks of life. We’ve represented hundreds of individuals and companies in all kinds of situations and helped them get their lives back on track.
- We know that every client is different. Each person and business we’ve worked with has had their own unique considerations and their own concerns. We don’t do “cookie-cutter” bankruptcy filings; we evaluate each client’s circumstances to find the best outcome for them.
- We handle all types of personal bankruptcy cases. We’re comfortable with everything from the very routine to the very complex, so we’re not going to steer our clients toward any particular chapter of bankruptcy.
- We know how difficult and stressful this process is. We know how anxious and discouraged the people on the other side of the desk can feel. We make sure our clients understand what’s happening and what their options are so they can stay optimistic and focus on making and executing a plan.
- We aren’t a “high-volume” practice. We’re not a “bankruptcy mill” with hundreds of clients all marching along the same path. If we can help our clients avoid a bankruptcy proceeding, we will. We maintain a manageable caseload so we have time to answer our clients’ questions and walk them through their options.
- We’re not afraid to get creative—or to get scrappy. This isn’t our first rodeo. We have the tools and the experience to know when and how to think outside the box, and we play hardball when the situation calls for it.
- We work mainly from referrals. Unlike most firms handling personal bankruptcy cases, our clients are mostly referred to us by former clients or other attorneys who know our reputation. You won’t see us on TV or on billboards, and you won’t receive form letters or other solicitations from us, which keeps our overhead low.
- When you call us, you’ll talk to us—not an assistant or a junior associate. Spiro & Browne is a two-person firm. We take our own calls, so you won’t waste time explaining your situation or question over and over, and you’ll never be stuck talking with a new lawyer who doesn’t have the answers or experience you need.
- We offer competitive fees with flexible payment arrangements. We’re our own bosses. We don’t need to spend money on advertising or exorbitant overhead expenses. That gives us the freedom to price our services competitively, so we’re accessible to people who need our help.
What if your financial problems involve other issues like fraud or a commercial dispute?
No problem. David Browne is a litigator at heart, and he enjoys sinking his teeth into a complex case—especially when there might be fraud or misconduct. He’s always happy to turn up the heat on an opponent or find an unconventional solution that fixes whatever problem the client is having. (And yes, he’ll jump in to help David Spiro’s clients too!)
Learn more on our commercial dispute and fraud litigation page.
If you’re considering bankruptcy, we can help you evaluate your options and make the choice that’s best for you.
Not sure whether you even need—or want—to file for bankruptcy?
You might be able to solve your current financial challenges without a bankruptcy filing. For example, we’ve helped individuals and businesses renegotiate payment terms with troublesome creditors. We’ve helped clients restructure their assets and debts so they can get back on top after a temporary crisis or setback. And we’ve helped businesses terminate a franchise agreement that isn’t working or sever their relationship with a location that can’t turn a profit so they can keep the rest of their doors open without the interruption of a bankruptcy.
What types of bankruptcy does Spiro & Browne have experience with?
That’s an easy answer: all of them. No matter which side of the table you’re on or what type of personal or commercial bankruptcy proceedings are in play, we’ve been there and done that.
We regularly handle the following types of bankruptcy cases.
Chapter 7 bankruptcy (straight bankruptcy), the fastest and easiest form of bankruptcy
Often referred to as straight bankruptcy, chapter 7 is generally the speediest and most straightforward form of bankruptcy for individuals and businesses. In theory, chapter 7 involves the liquidation of non-exempt assets to pay creditors, with most unpaid debts being “discharged” or forgiven after the liquidation.
But that doesn’t mean you’ll lose your assets in a chapter 7 filing. In practice, we’re usually able to “exempt” or protect all of our clients’ assets through careful pre-bankruptcy planning. It’s all above-board; that planning is permissible and appropriate when done properly and with full disclosure.
Chapter 13 bankruptcy (wage earner bankruptcy) with a repayment plan
Chapter 13 or wage earner bankruptcy represents a good option for clients who have higher income or non-exempt assets. This includes homeowners who are behind on their mortgage payments but don’t want to lose their homes. Chapter 13 stops home foreclosures, car repossessions, and many other forms of creditor collection. All property is protected in a chapter 13 case. The tradeoff is that this form of bankruptcy requires the repayment of a portion of debt through a court-approved payment plan that will take three to five years.
Chapter 11 bankruptcy, a more complex option that may suit business owners
Individuals occasionally file a personal chapter 11 bankruptcy in situations where their debts exceed the limits set for chapter 13 personal reorganization cases. Chapter 11 is more complex, intensive, and costly than the other chapters. However, in certain situations, it’s the best option, particularly where the debtor owns a majority of an operating business and has substantial business debt.
If you’d like to see a list of our chapter 11 cases or hear more about the chapter 11 process, please contact us.
Chapter 12 bankruptcy, a specialized route for family farmers and some fishermen
Chapter 12 cases are uncommon because they’re earmarked exclusively for family farmers and certain fishermen who meet eligibility requirements set forth in the Bankruptcy Code. We’ve represented many family farmers in chapter 12 bankruptcies. We’ve helped each one reach a confirmed chapter 12 plan that let them keep their farm.
What are the bankruptcy options for businesses?
Perhaps your business is struggling and you’ve gone broke trying to save it, but you don’t want to file a personal bankruptcy claim. Can you file bankruptcy for a business?
Absolutely. We’ve represented dozens of individuals and entities that needed to reorganize or liquidate their businesses. In the majority of these cases, we have achieved confirmed plans of reorganization or liquidation. David Spiro is one of only two Richmond bankruptcy attorneys who has been certified by the American Board of Certification in Business Bankruptcy.
But, as with personal bankruptcy, there are several options for businesses that are considering bankruptcy.
If it’s time for your business to close, a chapter 7 liquidation bankruptcy might be the right choice.
Or, if you want to give your business another try, a commercial chapter 11 bankruptcy might pave the way. This restructuring process is intended to get businesses through a rough patch so they can come out on the other side for a fresh start.
The problem for small businesses is that chapter 11 is a complex, lengthy, and expensive process. Most small businesses that get to that point don’t have the resources to weather a full chapter 11 bankruptcy. That’s why Congress created a new option in 2019 through the Small Business Reorganization Act (SBRA): subchapter V bankruptcy.
Subchapter V small business reorganization
Subchapter V of chapter 11 provides a streamlined restructuring or reorganization bankruptcy procedure specifically designed to assist small businesses. In a subchapter V bankruptcy, your business can stay open while you renegotiate your debts.
There are three main benefits to a subchapter V small business reorganization:
- Subchapter V bankruptcy doesn’t require a disclosure statement, and creditors don’t have to sign off on the restructuring plan.
- Subchapter V lets small businesses maintain more control during their debt restructuring rather than having a trustee fully take over the business.
- Subchapter V small business reorganization operates on a strict schedule with greater oversight. The court holds a status conference within 60 days, and the reorganization plan must be submitted within 90 days of filing. This keeps the process moving, which means not just a quicker resolution but also a lower legal bill.
Our experience with subchapter V bankruptcies
At Spiro & Browne, we’ve handled several subchapter V bankruptcies. Through that work, we’ve helped clients in the greater Richmond area turn their small businesses around, giving them the chance to stay open, maintain their legacy, and continue to serve our community.
But subchapter V isn’t the only way to press the reset button for your business.
Receivership, another option for struggling businesses
In a receivership, a third party is temporarily designated to manage the company’s finances and operations with the aim of restoring the business to profitability. That person—the receiver—has the authority to pay the company’s bills, negotiate and prioritize its debts, and make decisions about the business’s assets and management. A receiver may be appointed by the court or another governmental authority or retained by a private party.
Our experience with receiverships
If you’re going to put your business in someone else’s hands with a receivership, you must be able to trust them. A receiver should have a solid reputation as well as a keen business sense, a cool head, and the organizational skills to keep all those spinning plates balanced.
As the co-owner of a small law firm, Dave Spiro has been running his own business for years. He’s also represented countless businesses of all sizes in bankruptcy proceedings. Those experiences have given him a broad and deep understanding of what works and what doesn’t.
He’s leveraged that experience to serve as a court-appointed receiver in the circuit courts for Richmond, Henrico, and Chesterfield. The Virginia Attorney General’s Office asked him to serve in four of those receivership appointments, demonstrating the strength of his reputation.
What if you’re the creditor, not the debtor?
We have experience on both sides of the table, and we’ve represented creditor interests—as with debtor interests—under all chapters of the Bankruptcy Code and in all kinds of bankruptcy adversary proceedings.
Our clients have included Fortune 500 companies, banks, credit unions, private lenders, auto dealers, commercial landlords, and trade creditors. We’ve provided bankruptcy trustee representation and served as court-appointed receiver or custodian pendente lite for various businesses. In addition, we routinely provide local counsel representation for out-of-state firms involved in large chapter 11 cases and complex matters pending in Virginia bankruptcy courts.
Our experience with creditors’ rights cases
Our creditors’ rights representations have included the following:
- The discovery of approximately $400,000 in undisclosed assets following an investigation of a “no asset” chapter 7 case, resulting in substantial payouts to the creditor through avoidance actions in bankruptcy court
- Appointments by the Virginia Office of the Attorney General to serve as receiver for four Virginia corporations
- The representation of a chapter 7 bankruptcy trustee in a multimillion-dollar bankruptcy adversary proceeding against an international defendant
- The representation of a national sports-themed restaurant company in receivership and related franchise litigation
- The successful mediation of a chapter 11 case on behalf of a secured lender, that—with a creative motions practice—enabled our client to foreclose and recover the bulk of a $2.6 million claim
- The representation of the Virginia State Lottery Commission in its reopening of a chapter 7 case to pursue non-dischargeability fraud litigation, which ultimately resulted in an order of non-dischargeability
What’s the best solution for your financial challenges?
Here’s the truth: no website can tell you what makes the most sense for you or your business.
That’s why you need to talk to a bankruptcy lawyer who has hands-on experience with all of the options on the table. You’re not just looking for someone who understands the various bankruptcy proceedings; you need someone who can explain each option in plain, clear language, anticipate the hurdles you’re likely to encounter, and help you play out each scenario until you decide on the best path forward.
No matter what solution is best for you, the bankruptcy lawyers at Spiro & Browne can help. Call us now for a free consultation over the phone or in our office.
What happens after you call Spiro & Browne?
First, we’ll provide you with an initial free consultation, either over the phone or in our office. During that meeting, we’ll review your entire financial picture and help you decide whether bankruptcy makes sense for you or, where applicable, your business. We’ll explain all the options that might help you resolve your financial problems, from each specific type of bankruptcy filing to all of the available non-bankruptcy options.
We aren’t going to steer you toward filing for bankruptcy or toward one particular chapter of bankruptcy. Your situation is as unique as everyone else’s, and only you know what’s best for you or your business. We’ll help you understand your options, evaluate the pros and cons of each choice, and make an informed decision based on what you think is best for you.
After that, if you choose to work with us, we’ll represent you ethically and zealously to the best of our abilities.
Ready to learn more?
Whether you need to resolve another commercial dispute so you can avoid bankruptcy, need local counsel representation in a Virginia bankruptcy court or the Eastern District of Virginia federal court, or need guidance to figure out what to do next, Spiro & Browne can help.
Learn more about our Richmond law firm using the links below or call to schedule your free consultation today.