Deerfield Beach Chapter 11 Bankruptcy Attorney
Going into bankruptcy does not mean the end of a business, far from it. Chapter 11 bankruptcy gives you protection from creditors while you reorganize your finances and restructure your debt. Your company stays in business during the bankruptcy, and you can exit Chapter 11 stronger than before. Instead of letting your creditors tell you how to run your business, take back the reins and control your company’s future with the help of an experienced bankruptcy attorney. In Palm Beach or Broward County, call on the Law Office of Adam I. Skolnik, P.A., to find out how a skilled Deerfield Beach Chapter 11 bankruptcy attorney can help you get on top of your financial situation.
Chapter 11 Reorganization
Filing for Chapter 11 institutes the “automatic stay,” suspending all debt collection activities against the company, including repossessions, foreclosures, lawsuits or enforcement of judgments. With the stay in place, you have the time to create and file a plan of reorganization that details how you will deal with your company’s debt. The plan enables you to classify claims and describe how they will be treated. You may include an adjustment of debts or contracts to terms that are more favorable to you and within the means of the business to meet. Once the plan is approved at a confirmation hearing, creditors of the business will be required to abide by the terms of the plan.
Your company can continue to operate during the bankruptcy, and you remain in control as the “debtor in possession.” Your decisions are subject to oversight and approval from the bankruptcy court, but you otherwise can move forward with normal operations while implementing a plan to put your business on a more secure financial footing.
Other Bankruptcy Options for Businesses
Chapter 11 bankruptcies are complicated, and the assistance of a well-qualified and experienced bankruptcy attorney is highly recommended. Besides Chapter 11, other options might include Chapter 12 bankruptcy, which is available to family farms and fishing businesses. If the business is organized as a sole proprietorship or closely-held company, Chapter 13 might be an option as well.
Businesses can also file for Chapter 7. Chapter 7 is a liquidation bankruptcy; it is normally reserved for companies that are ceasing operations due to financial difficulties. Chapter 7 offers an orderly process for winding down the business and closing up shop without the business owners remaining liable to creditors beyond the bankruptcy. Simply going out of business can subject the owner to an endless string of lawsuits and collection activities, which can largely be avoided by utilizing Chapter 7 instead.
Chapter 11 for Individuals
Individual debtors generally find relief through a Chapter 7 or Chapter 13 consumer bankruptcy. However, there are times when individuals could benefit from Chapter 11 as well. For instance, you might have valuable non-exempt property so that you want to steer clear of Chapter 7, yet you carry too much debt to qualify for Chapter 13. Your first step should be to speak with a qualified bankruptcy attorney who can advise you of your options, let you know if bankruptcy is right for you, and suggest the appropriate form of bankruptcy to give the most effective, complete and lasting debt relief.
Get Your Business Back on Track With the Help of an Experienced Chapter 11 Bankruptcy Lawyer in Deerfield Beach, Boca Raton or Fort Lauderdale
To discuss your needs and strategies for success regarding Chapter 11 or other forms of bankruptcy or debt relief, call the Law Office of Adam I. Skolnik, P.A., for a free consultation. Our Deerfield Beach Chapter 11 bankruptcy attorney helps businesses from Fort Lauderdale to Boca Raton and throughout Palm Beach and Broward counties.
