Bankruptcy Law

Philadelphia, Bucks County and Montgomery County Business, Tax and Bankruptcy Attorney

Whether you have experienced  a job loss, illness, divorce, or other unexpected life change, bankruptcy may offer a fresh start for you by eliminating your debt.

There’s no shame in declaring bankruptcy. Our Founding Fathers thought bankruptcy protection was so critical as to include it in the Constitution under Article I.

Many businesses entered bankruptcy and later went on to be successful, including:

1. Marvel Entertainment

2. Delta Airlines

3. Texaco

4. Chicago Cubs

Individuals who declared bankruptcy include the following:

1. Abraham Lincoln

2. Mark Twain

3. Henry Ford

4. Walt Disney

5. Francis Ford Coppola

A fundamental goal of federal bankruptcy laws is to give debtors a financial “fresh start” from burdensome debts. This goal is reached through a bankruptcy discharge which releases you, your family or business from liability from specific debts, and prohibits creditors from ever taking any action against you to collect those debts.

Another important benefit of bankruptcy is the automatic stay. The automatic stay stops creditors in their tracks by preventing them from pursuing you for debt that you or your business may owe. Creditors that disregard the automatic stay do so at their peril because the bankruptcy court may impose sanctions against those creditors.

Bankruptcy law can be highly complex. What may be right for one family or business may not be right for another. It requires high attention to detail, in-depth knowledge of the law, and familiarity with court procedures and forms. If you think bankruptcy may be right for you or your business, you should contact Moretsky Law.