Bankruptcy
Skilled Philadelphia Bankruptcy Lawyers
The law firm of Erik B. Jensen, P.C., has the capacity and flexibility to handle every type of bankruptcy proceeding for the people and businesses of the Philadelphia, PA area, including Personal Bankruptcy: Chapter 7 and Chapter 13, and Business Bankruptcy: Chapter 11.
The firm has successfully handled over 6,500 bankruptcy cases in the last 21 years. Changing political winds indicate that the bankruptcy laws may be changed — soon. These changes may affect your ability to get the debt relief you need — don’t wait to contact us.
Personal Bankruptcy: Chapter 7 and Chapter 13
At the core of our nation’s bankruptcy laws is the notion that honest, financially strapped citizens should be given the opportunity for a “fresh start” in life. Declaring bankruptcy stops all creditor harassment and puts you on a plan to discharge all of your debts.
Chapter 7 liquidations allow people to discharge some types of debt including medical bills, credit cards, IRS tax debt incurred more than three years ago, and debt relating to real estate. If you have a house threatened with foreclosure, you will most likely lose it under a Chapter 7 liquidation, but you will also dispose of all debt and liability associated with the property. In general, Chapter 7 liquidations are best for people who do not make enough money to keep up with their debts, and have enough money to meet basic living expenses.
Chapter 13 debt reorganizations are for people who do have enough income to pay debts and also meet basic living expenses, but still have overwhelming debt and harassing creditors. Declaring Chapter 13 bankruptcy puts you on a schedule for repaying most of your debt in three to five years, while halting all court proceedings and other harassment related to your debt. A foreclosure can also be halted by filing for Chapter 13 bankruptcy.
Business Bankruptcy: Chapter 11
Chapter 11 of the federal bankruptcy code allows businesses to prevent insolvency by placing them on repayment schedules similar to those of Chapter 13 bankruptcies. Filing for Chapter 11 buys time to arrange a plan for debt reorganization. Often creditors only receive a portion of debts due, or must settle for receiving payment over an extended period of time.
The Lawyers of Erik B. Jensen, P.C., Can Help You Navigate The Bankruptcy Maze
Bankruptcy holds out a promise to the debtor of “a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of pre-existing debt.” Our bankruptcy lawyers bring experience, skill, and creativity to the highly complex area of bankruptcy law.
Our attorneys take a practical approach to bankruptcy and creditor-debtor law, recognizing the cost and risk of litigation, and the significant value of a speedy resolution of disputes. We begin with a thorough review of the loan, sale, or lease transaction involved, analyzing credit and collateral risks, the possibility of counterclaims, defenses, and the likelihood of a timely and cost effective litigation remedy.
A few things to consider are:
- Assignments for the benefit of creditors
- Workouts and debt restructuring
- Security interests
- Pre-packaged plans
- Cram-down litigation
- Litigation involving leases and contracts
- Debtor-in-possession financing
- Asset sales
- Valuation proceedings
- Automatic stay litigation
- Involuntary petitions
- Bankruptcy appeals
After careful deliberation, our lawyers develop and implement a litigation strategy, while simultaneously pursuing reasonable negotiated settlements. We believe that our approach of pursuing both litigation and appropriate negotiation strategies maximizes benefits to clients, while reducing both legal expense and litigation risks.
If you are contemplating either a personal or bankruptcy, please visit our contact page or call to set up a consultation with one of our lawyers. We serve the Philadelphia, PA area, including Drexel Hill, Chester, Springfield, Bucks County, Montgomery County, Delaware County, Chester County, Philadelphia County, and surrounding areas, as well as Bellmawr, Camden, Cherry Hill, Camden County, Salem County, Gloucester County, Burlington County, and surrounding areas throughout southern New Jersey.
We are a debt relief agency. We help people file for bankrutpcy under the bankruptcy code.
