Your Philadelphia Creditors’ Rights Lawyer
In our current economic climate, businesses are just as susceptible as individuals to running into serious financial problems. Bankruptcy can help business owners accomplish a number of different goals. A Chapter 11 bankruptcy can help some business owners reorganize their affairs and find a way out of their current troubles. A Chapter 7 bankruptcy is usually the right choice for businesses that are not able to continue operations. Chapter 12 is for farmers and fishermen, and Chapter 13 is especially for homeowners or wage earners, but can be used by small business in many cases.
At Alfred Abel Law Offices, we represent businesses in bankruptcy proceedings. Philadelphia Creditors Rights Lawyer Alfred Abel brings over 30 years of legal experience to every client and will advise your company of its options.
Philadelphia Creditors’ Rights and Commercial Bankruptcy Lawyer
If your business is facing a financial crisis but still has the potential to be a viable entity, Chapter 11 bankruptcy can work for your company. When your business files for Chapter 11, your business will be obligated to list all assets and liabilities, along with a proposal to repay your creditors. Upon filing for bankruptcy, the automatic stay will commence, and collection efforts by your creditors will cease. You may be able to use the automatic stay as a chance to renegotiate terms with your creditors.
If we agree that Chapter 11 to 13 is the right choice for your company, we will help you through the process, preparing all documentation and helping you determine a reasonable repayment proposal. One downside to Chapter 11 to 13, however, is that all of your assets and liabilities are made public. As a result, your creditors can take a very close look at the financial health of your company.
If you want to liquidate your business, or if you cannot complete a successful Chapter 11 or Chapter 13 plan, Chapter 7 is your best option. Under Chapter 7, any assets not secured by creditors will be inventoried and sold. Once these assets are sold, your business will be concluded. Our law firm has represented companies across Eastern Pennsylvania and can help you determine what is best for you and your company going forward.
Contact Alfred Abel Law Offices for an Experienced Creditors’ Rights Lawyer in Philadelphia
Call or e-mail our law firm today to discuss whether bankruptcy is the correct option for your company. Call 215.517.8300 or 610.940.1635.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.