In 2021, many major businesses filed for bankruptcy, such as J. Crew, Golds Gym, JC Penny, Pier 1 Imports, and more. Small companies were not exempt, and many worried that the post-pandemic trend would increase bankruptcy filings. Are you struggling with debt related to your business and thinking about filing for bankruptcy in Philadelphia?
A bankruptcy attorney can help you navigate the legal world of debt and collectors, helping you find the best short and long-term solution for your income. Luckily, we have put together a short guide on how to navigate COVID-19 bankruptcies and where to find the best bankruptcy attorney, so keep reading for more information!
What Is a Bankruptcy Attorney?
A bankruptcy lawyer helps balance creditors who need payment and consumers who need help. They can represent individual clients or businesses who need expert guidance on their debts.
While businesses have increased across the nation and Philadelphia, some relief packages have not prevented bankruptcy and debt from creeping up. Should you file for bankruptcy when your debts become more than you can manage?
The answer might not be as simple as you think, and finding legal help can help navigate new legislation that has come out since the COVID-19 pandemic, such as:
- Small Business Reorganization Act
- Honoring American Veterans in Extreme Need Act
- Family Farmer Relief Act
- CARES Act
- Paycheck Protection Program
Before you decide, Sadek Bankruptcy Law Offices work directly with businesses in Philadelphia with bankruptcy consultation. The consultation is free, and you can find affordable payment plans that fit your budget.
A New Era of Bankruptcy
Why is bankruptcy increasing? Several factors stem from the COVID-19 pandemic, which has rippling effects today. Some of the causes of increased debt and risk of bankruptcy include:
- Small firms and high debt
- Backlogged courts
- Reduced revenues
- Worker shortages
- Supply chain issues
Flexibility helps predominantly family-owned and smaller businesses. In the future, policy procedures could change and accommodate more out-of-court debt restructuring and lessen debtor-in-possession financing.
How To Find Help for Legal Issues
Legal issues with debt are hard to navigate by yourself. A bankruptcy lawyer in Philadelphia can help you with local laws, such as the difference between Chapter 7 and Chapter 13 bankruptcy filings. Legal representation has become more critical than ever with the Bankruptcy Abuse Prevention and Consumer Protection Act, which muddled laws and made the process more complicated.
Sadek Bankruptcy Law Offices can also help you with:
- Negotiating with creditors
- Prepare for meetings and court appearances
- Filing motions
- Filing other technical and legal documents
- Discuss Pennsylvania bankruptcy exemptions
- Advocate for you
With four offices in the Philadelphia region, you can rest easy knowing you have close access to some of the top bankruptcy lawyers in the state that will work tirelessly to bring your case to a mutually agreed resolution.
Find Legal Help Today
Are you dealing with piling debt from the COVID-19 pandemic? The last thing you want to even think about is representing yourself in court or filing for bankruptcy without legal help. A bankruptcy attorney can help smooth the path and ensure you take the right steps for yourself, your business, and the future.
At Sadek Bankruptcy Law Offices, we offer free consultations with highly qualified bankruptcy attorneys, so that you can resolve your case quickly. Don’t wait any longer. Contact us today and start your initial consultation!