Knowledge of Bankruptcy Laws Is Essential to Business Lawyers
"Bankruptcy" is not a dirty word! Every business and corporation must know about bankruptcy. And, it is essential that their legal counsel have a solid working knowledge of the bankruptcy laws. What most do not realize is that the bankruptcy laws are a very powerful and useful tool in the hands of experienced business lawyers, for both creditors and debtors.
The philosophy behind the bankruptcy laws are summed as follows: "fresh new start" or "strength through reorganization." For creditors, the bankruptcy laws impact them differently depending upon the nature, type and class of the creditors' rights. For debtors, the bankruptcy laws can be the difference between losing everything and gaining a new lease on life.
We have the requisite knowledge, experience and expertise to assist our business and corporate clients in bankruptcy, whether they are creditors or debtors. We represent clients in all aspects of the Chapter 7 (Liquidation) and Chapter 11 (Business Reorganization) proceedings. We do not handle Chapter 13 (Consumer Reorganization) cases.
We have handled simple to complex bankruptcy cases, having represented businesses and corporations as well as banks and quasi governmental agencies such as FDIC. We do not take our clients into bankruptcy except when it is absolutely necessary. When we do, our business and corporate clients are counseled and guided every step into, during and out of the bankruptcy proceedings. When our clients, as creditors, face the formidable obstacles of the protection the bankruptcy law, we skillfully find ways to preserve the rights of our creditor clients.
Experienced bankruptcy lawyers must not only know the bankruptcy laws but must also have instincts for navigating the complexities of bankruptcy proceedings. As in may different business contexts, an advance planning is extremely important in all bankruptcy proceedings.
Bankruptcy proceedings may include "cases within case" such as adversarial proceedings that may be instituted by any of the parties involved such as creditors, debtors, bankruptcy trustees, US trustees and/or any other third parties who may have standing. Because the bankruptcy courts are generally considered the courts of equity and are equipped with special laws and powers that are not available non-bankruptcy courts, and because the bankruptcy judges are also given a fair degree of latitude of discretion to decide not only law but in equity, there are many ends that can be achieved in the bankruptcy proceedings where they may not be possible in other types of courts.
Preserving Business & Corporate Estates and Reputation
We have one goal in mind when we assist our clients in bankruptcy: Preserving the assets and reputation of our clients, whether they are creditors or debtors.
Bankruptcy proceedings is both financially burdensome and emotionally taxing. No one should take an overly simplistic view of the bankruptcy proceedings. With potential complications, the entire proceedings can last years, financially draining the bankruptcy estates and the creditors.
For debtors, bankruptcy proceedings can be a way of gaining a leverage against the creditors. For creditors, bankruptcy proceedings can be an orderly way of protecting their rights.
Over the years, we have learned that timeliness of bankruptcy proceedings is critical whether you are a creditor or debtor. When done right, bankruptcy proceedings can be a good way to preserve both assets and reputation.
We know our business and corporate clients well. This is a critical factor in order to effectively assist them. Clients' philosophies impact the way each case is handled. Bankruptcy proceedings are not just about numbers, classes and priorities but also about creditors and debtors expressing their varying philosophies of business and life.
Preserving the clients' financial resources often means that we are also very careful about how we bill our clients. While our fees are entitled to a priority status as administrative expenses, we are mindful of the limited financial resources of our clients.
As business and corporate counsel, our job is to keep our debtor clients out of bankruptcy proceedings. Yet, there are times when bankruptcy offers the best possible option and solution. In such an event, we will come along your side.
As creditors' counsel, our job is secure appropriate reliefs from the grips of the bankruptcy laws so that our creditor clients can fully protect their rights and interests.
There is no such thing as anxiety-free bankruptcy. We will, however, walk with you from beginning to end.
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