Chapter 11 Business and Individual Bankruptcy
New York Chapter 11 Bankruptcy Business Attorney
Ackerman Fox, LLP of New York represents both individuals and corporations in Chapter 11 bankruptcy business. We represent all types of businesses, including major corporations, small businesses, closely held family businesses, self-employed individuals and sole proprietors.
It is important that you have a bankruptcy firm on your side that is equipped to help your business transition from its current challenges to a more secure financial future.
New York Business Bankruptcy or Individual Bankruptcy Lawyer
The primary priority of a corporate Chapter 11 bankruptcy is to save the business. Our firm will present all possible strategies and alternatives, putting together solutions that are customized to your business and its operations. Our attorneys seek to create a bankruptcy plan that does not interrupt the momentum of the business’ operations.
Bankruptcy is not the end of the line for a business. For many businesses, it can actually be a launching point to growth and future development. The reorganization can result in a more solid financial foundation than it had in its original formation.
Chapter 11 bankruptcy also serves as a viable option for some individuals in personal bankruptcy, if the individual has noncontingent, liquidated, unsecured debts of more than $383,175 or noncontingent, liquidated, secured debts of more than $1,149,525. This option will allow individuals who have large amounts of debt to save their homes and stop repossession on vehicles, as well as reorganize sole proprietorship businesses, conduct a cram down on secured debt and possibly strip second mortgages.
This process will begin just as a Chapter 11 corporate bankruptcy does and will function very similarly to an individual Chapter 13. The Chapter 13 bankruptcy allows the individuals to pay back the loan between 36 and 60 months, but a Chapter 11 plan will be for a duration which is approved by the Court, which can exceed in the proper circumstance can exceed 60-months.
We will help you find the bankruptcy plan that best meets your individual needs and helps you create a more secure financial future.
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