Chapter 11 bankruptcy is a form of bankruptcy that allows reorganization under the bankruptcy code of the United States. While most Chapter 11 bankruptcy filings are done by businesses, individuals may also take advantage of this form of bankruptcy in order to discharge their debts.
At The Law Offices of Richard B. Rosenblatt, PC, we assist businesses and individuals throughout Maryland in the Chapter 11 process and work to help them to achieve a fresh financial start. Contact our Rockville law firm at 301-637-0402 or 866-930-0413 to schedule an appointment with an experienced Chapter 11 bankruptcy lawyer.
Montgomery County Business Reorganization Lawyer
If a business is no longer able to pay its creditors and keep up with monthly expenses, that business may be able to file for Chapter 11 bankruptcy protection. In the bankruptcy process, the business remains in control of its operations and is deemed a "debtor in possession." As a result, the business operations are still managed by the owner with certain financial reporting requirements to the United States Trustee. While certain "extraordinary" transactions require bankruptcy court approval, such as a sale of the business, the day-to-day operations of the business continue without payments required on most prior debts until a bankruptcy plan is approved.
After establishing a bankruptcy plan of reorganization with their creditors which generally includes most of the pre-bankruptcy debt never being repaid, many businesses can then emerge from a Chapter 11 bankruptcy within months.
Chapter 11 Bankruptcy for Individuals
Recently more individuals are filing for Chapter 11 bankruptcy to help them overcome problems with debt. If debtors do not qualify for Chapter 7 bankruptcy, and have too much unsecured consumer debt or mortgage debt to file for Chapter 13, a Chapter 11 bankruptcy may be the only option available.
For individuals with high amounts of debt, Chapter 11 bankruptcy can be a lengthy but helpful process in stopping creditor harassment and discharging credit card debt, delinquent mortgage payments and taxes. Our Montgomery County business reorganization lawyers can help you determine the best option for you at The Law Offices of Richard B. Rosenblatt, PC.
Contact The Law Offices of Richard B. Rosenblatt, PC
Reorganize what you owe and make your debts manageable again. Contact us at The Law Offices of Richard B. Rosenblatt, PC. We offer a free initial consultation to every prospective client. Call us today at 301-637-0402 to discuss your case and schedule an appointment with a Rockville Chapter 11 bankruptcy attorney. We represent bankruptcy clients in Montgomery County, Prince George's County and Frederick County as well as throughout Maryland.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.