Bankruptcy & Financial Restructuring & Collection Defense

Bankruptcy

The principle behind bankruptcy law is to provide relief to those individuals and businesses that are experiencing financial hardship. A bankruptcy filing allows these individuals and businesses with time to renegotiate or discharge debts

The enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 significantly amended the bankruptcy laws in the United States. Under the new Act, bankruptcy filings have become more difficult, expensive and complicated. The Act requires debtors to take financial counseling courses and provide detailed information about their income and expenses prior to the filing of a petition in bankruptcy. The Act also requires those who face financial hardship to proactively seek the assistance of counsel sooner rather than later. It is pertinent that debtors obtain counsel that specializes in bankruptcy and are familiar with the rapidly developing case law under the Act.

Javed Ellahie carries a Martindale-Hubbell AV-rating, the highest rating of legal knowledge and ethics and has over 30 years of experience in bankruptcy and financial restructuring. Mr. Ellahie is a certified bankruptcy law specialist (certified by the State Bar of California, Board of Legal Specialization) and has lectured at bankruptcy law seminars organized by the San Jose Bankruptcy Bar. Mr. Ellahie has also served as a Trustee to the Santa Clara County Bar Association and the West-Valley Mission Community College District.

Mr. Ellahies bankruptcy law experience includes representing over 5,000 individuals and sole proprietorships in their bankruptcy matters and providing them relief under Chapters 7, 11 and/or 13 of the Bankruptcy Code.

Mr. Ellahie has also represented individuals and corporations under Chapter 11 of the Bankruptcy Code and has successfully assisted individuals and corporations in their reorganization efforts in Chapter 11 proceedings.

Bankruptcy Options

Bankruptcy may be the best and only way to discharge debts and prevent harassment from creditors. It may be the only way to save a residence and a business from mortgage lenders, secured creditors and even tax collectors.

Chapter 7 is available for individuals or businesses. In the business context, Chapter 7 bankruptcy allows for an orderly liquidation of a business that intends to close down. The trustee takes any assets that he/she believes can be sold and distributes the proceeds amongst creditors (after paying his/her expenses).

Chapter 13 bankruptcy is available only for individuals and sole proprietorship businesses. The debtor continues in business and proposed a plan for repayment of debts. The payments required depend (to a large extent) on the net worth of the debtor and the amount available to make payments to creditors.

Chapter 11 bankruptcy reorganization is available to individuals whose debts exceed the allowed limits of a Chapter 13 and to corporate and other business entities.

Our attorneys can review all the available options and assist you in making an informed decision about whether filing a bankruptcy is the best course of action.

Collection Defense

We believe that the decision as to whether to file and when to file are the most important matters to be considered in a bankruptcy filing. Sometimes it is better not to file for bankruptcy and do a work out or a liquidation outside the bankruptcy setting. Our attorneys also have considerable experience in resolving secured and unsecured debt through aggressive discovery and motion practice. If you have been served with a Complaint, contact us immediately so that we can evaluate your case and provide cost effective and result driven solutions.