Bankruptcy and the financial duress that leads one to file bankruptcy can be overwhelming. Philadelphia Bankruptcy Attorney Alfred Abel recently met with VIEWS Digital Marketing to discuss bankruptcy and address some of the questions many individuals and business owners commonly ask including why having an attorney can be such an advantage. Read the entire interview transcript below or watch the video.
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.
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.
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.
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.
According to an article on the internet site, www.stuff.co.nz, a 74-year old grandmother recently filed for bankruptcy after being stuck with $13,000 in debt. A “friend” had convinced her to take out a loan in her own name because she was unable to get one herself, then failed to pay the loan off.
If 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.
Some debts are non-dischargeable in bankruptcy court. A Philadelphia bankruptcy attorney can walk you through the various pitfalls and benefits of bankruptcy. Your attorney can prevent you from filing for bankruptcy and learning that your particular debt is non-dischargeable.
Bankruptcy Lawyers in Philadelphia – The Benefits of Bankruptcy
Chapter 11 Bankruptcy Benefits
Local company Broad Street Media filed for Chapter 11 bankruptcy protection earlier this year. Broad Street Media is responsible for several local papers including the Philadelphia Weekly, the South Philly Review, the Northeast Times, and nine other publications.
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). Individuals usually file either Chapter 7 or Chapter 13 bankruptcy with the help of a Philadelphia bankruptcy attorney.