Chapter 11 Bankruptcy Lawyer in Burlington County, NJ
Chapter 11 Bankruptcy Qualifications
Chapter 11 bankruptcy is also known as “reorganization bankruptcy” and is an option that helps save many businesses. Chapter 11 is typically reserved for companies and businesses, but certain individuals may qualify. Often businesses opt to file for Chapter 11 bankruptcy in New Jersey when they want to continue running their business but need time to reorganize their debts. Other companies file for Chapter 11 bankruptcy to liquidate debts because they plan on going out of business.
If you are having problems sustaining your business, Chapter 11 bankruptcy can be an efficient option to help you pay off debts and continue your operations. The talented and experienced South Jersey bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC will assess your finances and advise you on the best way to pay off your debts.
How Chapter 11 Works
Much like Chapter 13 bankruptcy, Chapter 11 bankruptcy provides the opportunity to reorganize your debt and develop a repayment plan. The first step in filing for Chapter 11 bankruptcy is contacting an attorney at McDowell Posternock Apell & Detrick, PC. After analyzing your business’s finances and determining bankruptcy to be the best path for your business, your bankruptcy attorney will file for you, triggering an automatic stay which will stop collection efforts and freeze your debts in place.
The next step in the Chapter 11 bankruptcy process is developing a reorganization plan detailing how you plan to repay your debts and restructure your business to prevent future debts. Your attorney will help your build this plan for trustee and court approval. Your reorganization plan will explain which debts you want to pay back over a period of several years, which debts you want to eliminate, and which assets you want to keep.
The plan must be filed with a disclosure statement prepared by your attorney that explains how your business got into financial difficulty and how you propose to emerge from Chapter 11. Creditors can object to the adequacy of disclosure or confirmation of the proposed plan, and it is the role of your bankruptcy attorney to handle negotiations with creditors so that confirmation is accomplished.
After your reorganization plan is approved, some or all of your business’s debts may be discharged. Your business will not be discharged from bankruptcy until your payment plan is complete.
Why should I contact McDowell Posternock Apell & Detrick, PC about filing Chapter 11 bankruptcy?
- Get a professional opinion about the best way to handle your business’s debt.
- Be provided the opportunity to repay your debts and save your business.
- Receive guidance through the entire bankruptcy process and have legal representation in court.
Chapter 11 is complicated and involved. The respected and resourceful attorneys at McDowell Posternock Apell & Detrick, PC have helped dozens of companies like yours navigate these tricky waters and emerge from bankruptcy financially healthy with a fresh start on the road to prosperity.
Seek bankruptcy advice with a free phone consultation
Are you considering Chapter 11 bankruptcy as a solution to your business’s financial debts? Rest assured that the knowledgeable South Jersey bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC will guide you through the entire process and thoroughly explain your options. Call us today or fill out our contact form to schedule a free phone consultation and learn more about how Chapter 11 bankruptcy can save your business.