Philadelphia Business Bankruptcy Lawyer

Philadelphia Business Bankruptcy Lawyer

If you have been considering bankruptcy for your Pennsylvania business entity, don’t embark on this complicated process without support from a knowledgeable attorney.  There can be significant and long-lasting repercussions to an improperly handled bankruptcy case, whereas skilled legal representation can help to ensure that a bankruptcy works to your company’s benefit.

Let the experienced Philadelphia business bankruptcy attorneys of Sadek & Cooper Law Offices provide guidance and assistance in order to see that your company reaps the maximum benefit without falling prey to accidental errors, omissions, or oversights in your case.  We will analyze your company’s current debts and future objectives to identify potential paths toward stability, solvency, and effective financial management.

To discuss whether bankruptcy is right for your Philadelphia business in a free and completely confidential legal consultation, call Sadek & Cooper Law Offices right away at (215)-545-0008.   We proudly serve all regions and neighborhoods of Philadelphia, including Center City and Northeast Philadelphia.

How Does Chapter 11 (Reorganization) Bankruptcy Work in Pennsylvania?

When properly and strategically utilized, bankruptcy can be an immensely powerful financial tool not only with regard to management of existing debts, but also with regard to addressing your long-term goals and objectives.  However, bankruptcy is not restricted to individuals who need assistance managing personal debt.  It can also be used by large and small businesses, including partnerships, corporations, and limited liability companies.

There are several different types of bankruptcy, which are known as “chapters” as they relate to various chapters of the U.S. Bankruptcy Code.  In many cases, a business will file for bankruptcy under Chapter 11, which is sometimes referred to as “reorganization” bankruptcy, though Chapter 13 bankruptcy may be more appropriate for certain sole proprietors, depending on the circumstances.  Though Chapter 11 bankruptcy cases are less common than Chapter 7 or Chapter 13 bankruptcies, they can still present your business with a clear and comprehensive strategy for financial reorganization.

The Philadelphia Chapter 11 bankruptcy process begins when the filer files a petition in the appropriate bankruptcy court, which is typically the United States Bankruptcy Court for the Eastern District of Pennsylvania.  Similar to the filer in a Chapter 13 case, the filer in a Chapter 11 case, known as the “debtor in possession,” will be required to comply with a plan of reorganization, which must be approved by the bankruptcy court.

Once this plan has been approved, certain debts from before its approval date, excluding those addressed by the reorganization plan, will be discharged, or eliminated.  However, the business must adhere to the plan rigidly and consistently.  Depending on the complexity of the case, a Chapter 11 bankruptcy may take up to several years to complete.

While Chapter 11 bankruptcy can be a lengthy and complicated process, its benefits are highly worthwhile for many small companies, mid-size businesses, and large corporations.  Indeed, a Chapter 11 bankruptcy may even be able to save a business that is on the verge of collapse, if intervention is swift and skillful.  Moreover, Chapter 11 bankruptcy can afford your business much-needed time to create a viable plan for the company’s future.  Additionally, a feature of bankruptcy known as the “automatic stay” can provide immediate relief from collection actions such as bank levies, repossession, and foreclosure.

Chapter 13 bankruptcy is available only for individuals, such as sole proprietors.  A corporation, limited liability company, or partnership may not file for bankruptcy under Chapter 13.  If you are a sole proprietor who is considering bankruptcy in Philadelphia, the attorneys of Sadek & Cooper can assess your company’s financial status to determine whether Chapter 13 or Chapter 11 is the more suitable option for you.

philadelphia business bankruptcy attorney

Philadelphia Chapter 11 Bankruptcy Lawyers for Corporations and Small Businesses

Though Chapter 11 bankruptcy has aided and indeed rescued countless businesses, the process can be confusing and complex, and even a seemingly minor error could have very destructive consequences for your case.   When your business is facing high financial stakes and needs prompt, reliable assistance, it is critical that you are represented by a knowledgeable and experienced business bankruptcy lawyer who knows how to handle cases in Philadelphia.

Do not attempt to navigate the legal and financial complexities of a reorganization bankruptcy case without dedicated support on your side.  Allow the Chapter 11 bankruptcy attorneys of Sadek & Cooper Law Offices to bring our years of experience helping small business, LLCs, partnerships, and corporations to your company’s bankruptcy case.

Whether bankruptcy is still a distant consideration on your business’ horizon, or you are in urgent need of immediate assistance, we can sit down and assess your company’s financial state in order to develop a viable strategy for helping you resolve problems and meet goals.  If bankruptcy is not appropriate for your business at this stage of its life cycle, we can also help you understand the various alternatives to bankruptcy that may be better able to provide relief.

Don’t wait to start formulating your plan for a more successful business.  Contact Sadek & Cooper Law Offices at (215)-545-0008 as soon as possible to arrange a free and confidential legal consultation.

 

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SEEWHAT OUR CLIENTS ARE SAYING

Doug Tinlin
Doug Tinlin
06:55 15 Feb 18
Brad Sadek gave me hope when he decided to handle my mortgage for enclosure defense. I had exactly 10 days left of the 30 days ultimatum given me, but he was able to bargain for an extra 30 days for me to pay up. That duration turned out just right.
Jacinth Jacinth
Jacinth Jacinth
16:07 31 Jan 18
Excellent service. Brad and Matt were outstanding and friendly. They helped me through this. I’ve never met attorneys like these. Thank you!
julie njoku
julie njoku
12:29 24 Jan 18
Brad Sadek is excellent!. He understands and he's fair. You feel like you have someone fighting for you. The staff is friendly, professional, and courteous. These guys are the best at what they do !
Owen Black
Owen Black
20:14 09 Jan 18
Thanks for the great service! I would recommend this firm highly. Throughout the years I have been helped by this firm greatly and very much appreciated.
Steven Rychalsky
Steven Rychalsky
15:30 09 Jan 18
Sadek and Cooper law office was a wonderful experience to work with. Bankruptcy is a difficult experience but they helped with the stress so much and made it easy. I would recommend Sadek and copper too anyone.
Chris Kourelias
Chris Kourelias
19:09 28 Dec 17
Working with both Brad & Matthew was a pleasure. Both gentlemen are extremely knowledgeable and helpful in providing me the right assistance needed to make the correct decision to benefit me in the long run. I would recommend both candidates to anyone looking for assistance with a reputable law firm.
Jennyfer Santana
Jennyfer Santana
21:17 21 Dec 17
Highly Recommended. Matt & Brad assisted with my case. I felt comfortable throughout the entire process. Matt was very understanding, patient, and ensured he answered all my questions! Both great guys and very friendly! It was a pleasure working with Matt and Brad.
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