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Posts Tagged ‘Bankruptcy Lawyer’

What Does ‘Clawback’ Mean in a Bankruptcy?

Young female businesswoman listening to male businessman speak | Bankruptcy Clawback | Alfred Abel Law Offices

Just before filing bankruptcy, if a debtor decides to transfer title of an asset, like a house or a business, the asset may be returned to the debtor’s estate under the clawback provision in bankruptcy law. In some situations, the bankruptcy trustee appointed to manage the debtor’s financial affairs can recover those pre-bankruptcy assets from individuals or companies who received them.

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What You Need to Know About Bankruptcy Preferences

Pictured is a tabletop with the hands of two people examining paperwork | Alfred Abel Discusses What You Need to Know About Bankruptcy Preferences

As Philadelphia bankruptcy lawyers, clients often ask us if a bankruptcy court will look at debts already paid to creditors prior to filing a bankruptcy case. While filing bankruptcy addresses debts that a debtor is no longer able to pay, bankruptcy also looks at payments made to creditors that occur during a specific time period before the bankruptcy filing. In fact, under the bankruptcy preferences law, a bankruptcy trustee can require payments made to creditors shortly before the bankruptcy filing be paid back to the trustee.

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Philadelphia Bankruptcy Lawyer Discusses Tips for Small Businesses

Chapter 13 Bankruptcy Lawyer - Tips for Small Businesses - pictured is a tabletop with the hands of two people examining paperwork

One unfortunate aspect of working as a Philadelphia bankruptcy lawyer is knowing that a great many business bankruptcies might have been avoided. Sometimes catastrophes happen, or bad luck ruins a good business plan, but often, small and medium-sized business (SMB) owners call a bankruptcy lawyer due to inexperience or costly decisions over time. Sometimes calling a bankruptcy lawyer before the situation is too dire can yield solutions other than bankruptcy.

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Alfred Abel Discusses 4 Ways to Reduce Your Costs and Avoid Bankruptcy

Ways to Avoid Bankruptcy by cutting costs- scissors cutting an image of the word costs on white background

When you visit our Chapter 13 bankruptcy attorney in Philadelphia to discuss filing for bankruptcy, we will help you learn what your options are. Whether you are considering Chapter 13 or Chapter 7 bankruptcy, the process can be disruptive and affect your credit for several years, so in a perfect world, we all want to avoid this consequence. Consulting a Chapter 13 bankruptcy attorney in Philadelphia early, before things become too overwhelming, is a good idea. Sometimes we can suggest alternatives.

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Bankruptcy Lawyer in Montgomery County – The Basics of Credit Counseling

Philadelphia Bankruptcy Attorney helping filer with paperworkIf you are filing for bankruptcy protection, you are required to seek counseling about your credit from a government-approved counselor within 180 days before you file. You are also required to complete a follow-up debt education course before the court discharges your debts. A Montgomery County bankruptcy lawyer can help you through your entire bankruptcy process.

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A Beginner’s Guide to Bankruptcy

Bankruptcy is a powerful tool that can shield your personal and business assets from debt collectors. Bankruptcy cannot protect all of your assets, some of them will be used to pay off a portion of your debt. Moreover, bankruptcy will not discharge all of your liabilities (debts).

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