How Businesses And Individuals Can Benefit From Chapter 11
Businesses are typically the entities who use Chapter 11. That said, individuals may also take advantage of this program to discharge their debts when their debts exceed the limits allowed in Chapter 13.
At The Law Offices of Richard B. Rosenblatt, PC, we help businesses and individuals throughout Maryland, Northern Virginia and Washington D.C. get a fresh financial start. We work closely with you to determine whether Chapter 11, Chapter 7 or Chapter 13 bankruptcy is right for you.
Chapter 11 Bankruptcy For Businesses
Some businesses may no longer be able to pay their creditors and keep up with monthly expenses. In these cases, they may be able to file Chapter 11. During Chapter 11, the business remains in control of its operations. They will also be classified as a “debtor in possession.”
The owner still manages day-to-day operations. This continues until the owner has an approved bankruptcy plan. Some extraordinary transactions, including the sale of the business, require bankruptcy court approval. Once a plan is in place, businesses can emerge from Chapter 11 within months. Our law firm has successfully assisted businesses in obtaining confirmed plans and remaining in business after the bankruptcy case is completed.
Chapter 11 Bankruptcy For Individuals
Recently, more individuals are filing Chapter 11 to help them overcome problems with debt. If debtors do not qualify for Chapter 7 and have too much unsecured consumer debt or mortgage debt to file for Chapter 13, Chapter 11 may be the only option available.
For individuals with high amounts of debt, Chapter 11 bankruptcy can be a lengthy but helpful process. By filing Chapter 11, people can stop creditor harassment and discharge credit card debt, delinquent mortgage payments and unpaid taxes. We also can assist in cramming down mortgages on investment properties to the value of the property and other strategies for decreasing secured debt and interest rates under a Chapter 11 plan
We Will Help You Navigate Chapter 11
Reorganize what you owe and make your debts manageable again. Contact us at The Law Offices of Richard B. Rosenblatt, PC, in Rockville. We offer a free initial consultation to every prospective client. Call us today at 301-637-0402, toll-free at 866-930-0413 or send our attorneys an email to discuss your case and schedule an appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.