Bankruptcy

Strategic Representation When You Need It

Millions of people each year experience a financial crisis that leads to debt collection activities including:

  • Creditor harassment
  • Debt collection Lawsuits
  • Bank account garnishments
  • Seizures of other property
  • Tax Levies
  • Foreclosures
  • Wage garnishments
  • Automobile repossession

Nobody wants to be in debt. Creditors can be aggressive, rude, threatening and sometimes unscrupulous. Unexpected events and circumstances can result in a financial hardship. Even individuals who have a good salary, emergency savings, and other resources can struggle with debt problems. A sudden illness, accident, or other major change in your life can cause you to fall behind on your bill payments. The present Covid-19 crisis has caused unexpected financial challenges for many individuals and families.

During a bankruptcy, creditors and debt collectors cannot take any action to collect debts without permission from a bankruptcy judge. You can find immediate relief from the stress caused by financial problems and move toward a better future.

Whether you’re a business owner, individual or a joint debtor, we can help you navigate through your options. At Silverberg Law Firm LLC we provide effective and result-driven legal services to clients in all types of bankruptcy matters. Our bankruptcy and debt relief lawyers are ready to help you every step of the way. We strive to help you get back on track. Our team understands that the decision to file for bankruptcy is not easy. We can help you file for bankruptcy protection under Chapter 7, Chapter 11, Chapter 12 or Chapter 13. We can help you with resolving financial disputes. And we may be able to help you save your home from foreclosure, stopping wage garnishments, and helping you make a fresh start.

New Jersey Law Firm Representing Clients in Personal and Business Bankruptcy Matters

Being in debt is no laughing matter. If anything, it is one of the most stressful experiences affecting one’s business or personal life. And contrary to popular belief, it does not always stem from reckless spending or poor business judgment.

Unanticipated events and circumstances often cause financial difficulties. A sudden illness, accident, or other significant life changes can cause you to fall behind on your bill payments. The ongoing Covid-19 crisis continues to cause financial hardship for individuals, families and businesses throughout New Jersey.

To make matters worse, creditors are frequently aggressive, rude, threatening and employ questionable tactics. However, they cannot take any action to collect debts without permission from a bankruptcy judge during bankruptcy proceedings. This provides immediate relief from the stress caused by financial problems and gives our clients hope for the future.

Call the Silverberg Law Firm LLC to learn how we can help you with your personal or business bankruptcy concerns today.

Personal Bankruptcy Options Available to New Jersey Consumers

At Silverberg Law Firm LLC we provide comprehensive, result-driven legal services to clients in all types of bankruptcy matters.

For clients considering personal bankruptcy, we begin by assisting with the resolution of relevant financial disputes when possible. Our intervention may also help prevent or delay wage garnishments, foreclosure and more.

Our team also helps clients in personal bankruptcy matters file for the type of bankruptcy that is best for them. In general New Jersey consumers can seek protection under two types of bankruptcy. These are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Each has its pros and cons, which we review with each client to ensure that they have all of the information they need to make informed decisions about the option that is best for them.

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New Jersey Business Bankruptcy

Seeking bankruptcy protection is one option for a financially struggling business. However, it is not always the best choice. We provide the legal support, advice, guidance and advocacy each client needs to make the right strategic decision.

Filing for Chapter 11 bankruptcy complex, time consuming and expensive. However, it offers powerful protections and rights to a troubled business. One of the most important benefits is that it allows the Debtor to reorganize its business affairs and continue operations as a viable business.

The goal of a Chapter 11 case is confirmation of a plan of reorganization that addresses each group of creditors. Even if most or all of the creditors approve the plan, the final approval is up to the court. To approve the plan, the court must find that it meets all applicable requirements under Section 1129 of the Bankruptcy Code. If the court does not believe the plan satisfies all the requirements, it will not confirm the plan.

Bankruptcy Options for New Jersey Businesses

If we find that Chapter 11 Bankruptcy is not the best option, we review other options with our clients. These include:

  • Assignments for the benefit of creditors.
  • Informal workouts or settlements with secured or unsecured creditors.
  • Out of court compositions with creditors.
  • Consensual secured party sales of assets pursuant to Article 9 of the Uniform Commercial Code.

Each of these mechanisms for relief is complex, and has advantages and disadvantages. Determining the right strategy for your business involves detailed analysis and consideration of both business and legal issues.

Relief Under the Small Business Reorganization Act

The Small Business Reorganization Act was enacted in late 2019 and took effect in February of 2020.

The Cares Act (which was enacted in March 2020) temporarily broadened applicability of the Small Business Reorganization Act. As a result, it now applies to business with unsecured debts of up to 7.5 million dollars (as opposed to its original limitation of $2.725,625 million).

One of the SBRA’s chief benefits is that it allows qualified businesses to restructure rather than liquidate. It does so by offering a path to restructuring with lower costs and fewer procedural burdens.

As New Jersey business bankruptcy lawyers, we can easily determine whether your business may qualify for relief through the SBRA.

Schedule a FREE Consulation Today

Click on the call icon to schedule your free consultation. You can also call us directly at (732) 992-3000 or email us at jay@lawjls.com to book an appointment today!

Why Choose the Silverberg Law Firm LLC?

With your financial future at stake, you need bankruptcy lawyers you can trust to fight for you.

Jay L. Silverberg is an experienced New Jersey business bankruptcy lawyer. He started practicing in the bankruptcy field more than 30 years ago. Although he has handled cases of every size, including “mega-cases,” Jay now focuses on small business bankruptcy and lower middle market businesses facing distress.

If you are considering personal or business bankruptcy, call the Silverberg Law Firm LLC at (732) 992-3000 to schedule a free initial consultation, today.

If your business is struggling, you should know your legal options and get practical advice. Contact the bankruptcy attorneys at Silverberg Law Firm LLC at (732) 992-3000. or reach us online for a free consultation today.

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Here at Silverberg Law Firm LLC, our wrongful death lawyer in Middlesex County, Somerset County, Mercer County, Monmouth County and other parts of New Jersey and New York. If you have lost a loved one due to the actions of another, please call us today to learn how we can help you.

We offer FREE consultations and can help advise you and your family on what your rights may be. You could also you can also send us a message using our convenient “contact us” box available here.

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