Chapter 11 Bankruptcy for Businesses and Individuals
New York Chapter 11 Bankruptcy Attorneys
Ackerman Fox, LLP of New York represents both individuals and businesses in Chapter 11 bankruptcy. We represent all types of businesses, including public corporations, single asset real estate companies, small businesses, closely held businesses, 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 objective of a business considering Chapter 11 bankruptcy is to save the business or to maximize its value in order to sell it or its assets to a third party for the highest or best offer. 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 allows businesses to get a breathing spell as a result of the automatic stay that goes into effect, immediately and automatically, upon the filing of the bankruptcy. The automatic stay stops all collection activities by creditors such as tax levies, seizures from bank accounts, execution on judgments, evictions, lawsuits, foreclosures, and other collection efforts.
This breathing spell gives the business time to restructure its operations and structure, such as reducing the number of employees or the total salaries, and take other measures to position the business to improve its profitability and viability in order to propose a confirmable Plan, which will ultimately be sought to be accepted by creditors and approved by the Bankruptcy Court.
During a Chapter 11 case, the business’s pre-bankruptcy management usually stays in control of operations and management of the business.
Ackerman Fox will analyze your business and propose a strategy that will determine whether Chapter 11 Bankruptcy can work for you, and if so, obtain the successful emergence out of bankruptcy.
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 $419,275 or noncontingent, liquidated, secured debts of more than $1,257,850. 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 possibly cram down certain secured debt or strip down or off, or void, mortgages, tax liens and judgment liens from property.
We will help you find the bankruptcy plan that best meets your needs.
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