The firm's creditor experience has involved the successful handling of Motions for Relief from the Automatic Stay, Motions re: Cash Collateral, Objections to to Chapter 11 Disclosure Statement and Plans of Reorganization.

The firm has also litigated Nondischargeability actions and adversarial matters on behalf of creditors.

The firm has also represented debtors with crucial pre-bankruptcy planning, the preparation of their bankruptcy, petitions and schedules, and the representation of these debtors, as needed, in any litigation stemming from their bankruptcies.

Below is a brief summary of the different types of bankruptcies that an individual or business entity may file:

CHAPTER 7: A Chapter 7 bankruptcy is often termed a "straight" or liquidation bankruptcy. In this type of bankruptcy, one's unsecured liabilities are discharged or forgiven. The most common debt listed in a Chapter 7 is credit card debt.

Essentially, the debtor initiates a Chapter 7 by filing a petition, various schedules listing the debtor's assets and liabilities, and certain other documents required under the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and the respective Local Bankruptcy Rules.

A "341a" hearing is then schedules by the bankruptcy clerk and conducted by the Chapter 7 Trustees. The debtor must be present at this hearing and creditors may attend if they wish.

If all proceeds smoothly, the debtor receives his or her discharge within months of the "341a" hearing and his Chapter 7 bankruptcy is then complete. Problems can arise, however, if a creditor files a Nondishchargeability action against the debtor, seeking a determination from the Bankruptcy Court that the creditor's debt is not dischargeable.

CHAPTER 13: Chapter 13 bankruptcies are simplistically referred to as consumer reorganizations. Chapter 13's are usually filed so that the debtor can save his residence from foreclosure. Through a confirmed Chapter 13 Plan, the debtor is allowed up to three (3) years, and possibly five (5) years, to repay the delinquencies on his residential loan, while he continue to make his monthly mortgage payments.

The debtor also pays a certain percentage on the dollar to his unsecured creditor.

The debtor's plan must be filed within fifteen (15) days after the bankruptcy is filed, and the debtor must start making his plan payments within third (30) days after the bankruptcy filing. A confirmation hearing to determine whether the debtor's proposed Plan is acceptable is usually set within week after the bankruptcy filing.

If the Chapter 13 Plan is confirmed by the Court, the debtor makes the respective Plan payments and receives his or her discharge once the Plan payments are completely made.

CHAPTER 11: Chapter 11 bankruptcies typically involve business reorganizations, or individuals whose liquidated, unsecured debts exceed $269,250 and whose liquidated, secured debts exceed $807,750. Chapter 11 bankruptcies are complicated proceedings.

Even so, the debtor typically files a Disclosure Statement which informs the creditors how the debtor intends on repaying its debts. Assuming it is approved, the debtor then files his Chapter 11 Plan. If the Plan is confirmed, then the debtor pays the creditors pursuant to the terms of the Plan. Once the Payments are made, the debtor receives his discharge.

One should always seek bankruptcy counsel when contemplating a Chapter 11 bankruptcy.