High Net Worth Bankruptcy Lawyers in Burlington County
Skilled Bankruptcy Attorneys Assist High Net Worth Individuals with Debt Restructuring in South Jersey
Bankruptcy protection exists for everybody – even individuals of significant means. In fact, many times, it is the high net worth individuals who are most in need of bankruptcy protection because they have the most to lose — significant financial assets, real estate holdings and other items of value. In addition to protecting your assets, filing for bankruptcy under Chapter 11, Chapter 13 or Chapter 7 can provide you with the kind of financial relief you need to get things back on track in your life. Regardless of the exact circumstances of your financial situation, it is in your best interests to speak to a qualified attorney who is prepared to advocate on your behalf throughout the bankruptcy process.
Whether you are a top executive, a successful small business owner or a professional with a high income, you need to take steps to protect your assets in the event of a bankruptcy filing. The legal team at McDowell Posternock Apell & Detrick, PC has decades of combined experience advising individuals, as well as businesses, on their various options relating to bankruptcy and debt restructuring in New Jersey and Pennsylvania. Contact us today to discuss your situation over the phone or schedule a free phone consultation at one of our conveniently located offices in Browns Mills, Maple Shade, Moorestown, and Philadelphia.
Chapter 11 Bankruptcy Protects the Assets of High Net Worth Individuals
Although many individuals who choose to file for bankruptcy utilize Chapter 13, there is a ceiling on the value of assets that can be taken through a Chapter 13 filing. That’s why some high net worth individuals choose to file for Chapter 11. Depending on your specific financial circumstances, a Chapter 11 bankruptcy filing may make the most sense for you. For example, you might have multiple real estate holdings that would be exposed in a Chapter 13 bankruptcy filing, making Chapter 11 a more appealing option.
Chapter 11 bankruptcy could grant you the opportunity to reorganize your debts, restructure your finances, and get the help you need to avoid a devastating financial situation. In many cases, Chapter 11 is utilized by small businesses. However, it may be possible for a high net worth individual to qualify for Chapter 11 – so long as the individual’s personal debts are high enough. Under the law, a person can potentially file for Chapter 11 if they have more than $1 million in secured debt, as well as a minimum of $330,000 in unsecured debt.
Benefits of High Net Worth Individuals Filing for Chapter 11 in New Jersey & Pennsylvania
There are many benefits to filing for Chapter 11 bankruptcy in New Jersey or Pennsylvania. Some of the most important benefits of Chapter 11 include:
- No More Calls from Creditors: As soon as you file for Chapter 11 bankruptcy, creditors will be prohibited from calling you; they will only be allowed to speak with your attorney.
- More Time to Pay: Filing for Chapter 11 will insulate you against creditors. As soon as you file for Chapter 11 bankruptcy, the court will freeze your debts and impose a stay on all debt collection efforts.
- Retain Your Assets: Filing for Chapter 11 could allow you to retain your assets because you will have more time to pay off certain debts.
- Debt Relief: By filing for Chapter 11, you can get yourself out from underneath a mountain of debt and focus on getting back on the right financial track.
- Flexibility: A Chapter 11 filing can provide you with flexibility and creativity when it comes to paying back creditors. For example, you may be able to work out a reorganization plan that allows you to pay back creditors at a lower percentage, thus saving you money in the long run.
High Net Worth Individuals Need to Act Quickly to Protect Their Assets in NJ & PA
There is no such thing as “acting too early” when it comes to bankruptcy or debt management consultations. If there is even a hint of financial problems, it can’t hurt to talk things over with a qualified NJ & PA bankruptcy lawyer. Do not make the mistake of waiting too long to speak with a bankruptcy attorney. Debt issues that might be manageable at first can become devastating, particularly for high net worth individuals who have large bills to cover. If you hesitate, you could wind up missing an opportunity to stave off a financial nightmare.
Free Consultation with Experienced South Jersey Bankruptcy Attorneys Who Can Assist with High Net Worth Bankruptcies
One of the keys to successfully filing for Chapter 11 is to have a knowledgeable bankruptcy attorney on your side. It will be critical for your attorney to understand the nuances of New Jersey bankruptcy laws so that they can help you devise a plan of reorganization under Chapter 11. That’s because the Chapter 11 bankruptcy process is extremely complicated.
The skilled NJ and PA bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC are dedicated to helping high net worth clients with financial difficulties get a “fresh start.” If you are a high net worth individual, contact us today to go over your options and discuss whether Chapter 11 bankruptcy might be right for you.