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Find Chapter 11 Bankruptcy Lawyer

Find Chapter 11 Bankruptcy Lawyer

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is a method that focuses on allowing businesses to recover from crippling financial obligations. Unlike more traditional forms of bankruptcy, chapter 11 focuses more on reorganizing debts than liquidating them.

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1 years in practice
Bankruptcy, Chapter 11 Bankruptcy, Divorce & Family Law, Family Visas, Immigration Appeals
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Reorganization For Survival

While the need to file for bankruptcy is never something people predict having, chapter 11 can be a lifeline for businesses struggling over the financial weight of debts and obligations. While there are some benefits to filing for chapter 11 bankruptcy, there are also some disadvantages that deserve consideration with a qualified bankruptcy attorney.

Benefits of Chapter 11 Bankruptcy

As with other chapters of bankruptcy, the main advantage of chapter 11 bankruptcy is the pause that stops all creditors’ attempts to collect on outstanding debts. This allows time to negotiate and create plans to settle the debts. Chapter 11 bankruptcy can even provide an opportunity to get new financing with more advantageous terms. Additionally, chapter 11 does all of this while still allowing the business to remain operating and in business.

Disadvantages of Chapter 11 Bankruptcy

While chapter 11 can offer some vital support, it is not without its disadvantages. Chapter 11 bankruptcy can take a long time, between six months to two years on average, with more complicated cases stretching even longer. That can be a long time to wait for relief, particularly with more financially dire situations. Additionally, chapter 11 bankruptcy is expensive. Administrative and filing fees alone total more than $1,500 with quarterly court fees reaching up to $35,000. Finally, it is important to note that chapter 11 bankruptcy doesn’t actually eliminate any debts. All chapter 11 can do is create a repayment plan that both creditors and debtors can agree on.

Giving You a Second Chance

If you are seeking protection under chapter 11 bankruptcy, you will need the help of an experienced bankruptcy attorney. A bankruptcy lawyer can use their experience and expertise to represent your interests and get you the results you need to start fresh.

In order to achieve this best outcome, however, you will need an attorney who has the expertise and resources to take your case all the way. That’s why you should contact Attorney at Law. By partnering with AAL, you will be able to avoid slogging through the quagmire of unscrupulous lawyers looking to exploit your case.

At AAL, we only partner with the best firms in your area, helping you find the best attorney for your case. Don’t wait, contact AAL today to be matched with skilled and experienced attorneys in your area who practice bankruptcy law.

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Chapter 11 Bankruptcy Frequently Asked Questions

1. What is chapter 11 bankruptcy?

Chapter 11 bankruptcy is a type of reorganization that allows corporations and companies to manage overwhelming debts. Unlike other forms of bankruptcy, chapter 11 bankruptcy does not liquidate an individual’s assets but instead creates a plan that allows the company to pay off their debts over time.

2. How long does it take to file chapter 11?

Due to the lengths of time necessary to create a reorganization plan and get creditors to accept said plan, chapter 11 bankruptcy can take months if not years to resolve. In general, the court allows a year and a half to create the reorganization plan, then allows 20 months for creditors to accept it. This places the average resolution window for chapter 11 bankruptcy between 6 and 24 months.

3. How much does it cost to file chapter 11?

Despite being petitioned for because of financial hardship, chapter 11 bankruptcy can be quite pricey. There is a standard filing fee of $1,167 to begin the case as well as a miscellaneous administrative fee of $571. In addition to one-time payments, there is also a quarterly court fee that ranges from a few hundreds to tens of thousands of dollars. This means that the longer the bankruptcy takes, the more costly it will be for the petitioner.

4. What happens after I file for chapter 11?

Once a chapter 11 case has been settled, both the creditors and debtors are bound by the chapter 11 agreement. The company will be bound to operate under the terms of the agreement, and in exchange will be allowed additional time to settle debts and creditors will be forced to abide by the timeline set out by the chapter 11 plan.

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