Broward County Chapter 11 Business Bankruptcy Lawyers
Small Business Reorganization Attorneys serving Fort Lauderdale, Sunrise, Davie, Plantation, Weston, Tamarac and surrounding areas
Chapter 11 bankruptcy is most commonly utilized by corporations that are overwhelmed by debt and are seeking relief under the federal bankruptcy code. Chapter 11 can also be used by individuals that do not qualify for Chapter 7 or are not eligible to file under Chapter 13 because of the amount of their income or debt. It is important to reach out to a qualified bankruptcy attorney that can take a look at your financial obstacles, go over your options, and help you get back on track.
Ft. Lauderdale Chapter 11 Bankruptcy Attorney
Chapter 11 bankruptcy is commonly referred to as a “reorganization” bankruptcy. The filer usually develops a plan to pay his creditors over time allowing the business to continue operating and catch up with his debt obligations. Individuals who seek relief from chapter 11 bankruptcy usually do so when they are above the unsecured and/or secured debt limits that are imposed on a Chapter 13 bankruptcy. Aron Szabo has experience working with individuals and businesses that file for bankruptcy and can evaluate your particular circumstance.
Chapter 11 Bankruptcy overview
Chapter 11 Bankruptcy for businesses will typically begin with a petition filing with the bankruptcy court. The most common Chapter 11 Bankruptcy is a “voluntary petition” similar to other bankruptcies it is initiated by the debtors. In some cases “involuntary petition” may be filed by the creditors against a debtor when certain requirements are met. After the filing of the petition the debtor needs to file several schedules with the court that outline the company’s, assets, liabilities, incomes, expenses, contracts, leases, and other company documents. During the Chapter 11 reorganization process the debtors typically retain possession of the assets and control of the day to day business operations. Part of the Chapter 11 involves a disclosure statement and a plan to be submitted to the court that outlines the reorganization. For smaller businesses disclosure statements may not be required if the plan submitted has sufficient information. After the approval of the organization plan, creditors will vote on the plan by ballot, and the court will conduct a confirmation hearing.
Szabo Law Group is committed to assisting individuals through their financial obstacles. Aron Szabo personally meets with every client and spends time listening and understanding your particular circumstance. Szabo Law Group will take the time to review your particular financial circumstance and provide a solution either through Chapter 7 bankruptcy, Chapter 13 bankruptcy, Chapter 11 bankruptcy, or another form of resolution. To schedule a free consultation contact the Szabo Law Group today at (954)210–6054.