Oakland Business Bankruptcy Attorney
Chapter 11 bankruptcies allow businesses to reorganize debt and recover by means of a court-authorized repayment plan. The moment you file for bankruptcy, bill collectors must cease all activity and any repossessions or foreclosures must stop.
At the Law Office of Lawrence L. Szabo, our lawyer has the experienced and knowledge to assess your situation and determine whether a Chapter 11 bankruptcy is in your best interest. We offer free consultations with an experienced bankruptcy lawyer to businesses throughout Oakland, Alameda County, and Contra Costa County. Contact us.
Businesses
Most Chapter 11 bankruptcies are filed by large business entities. Chapter 11 allows a business to continue its operation while restructuring its debt under a court-approved plan of reorganization. Depending on the complexity of the bankruptcy, the company can emerge from bankruptcy in a few months or a few years, with debts fully discharged.
Most business owners prefer Chapter 11 bankruptcies to Chapter 7 bankruptcies, which involve completely liquidating businesses to pay off creditors. Obviously, few people want to completely lose their businesses if they can avoid it.
In addition, Chapter 7 is less economically efficient than filing for Chapter 11. Debts frequently exceed assets, and the value of a working business is typically more than the sum of its parts. Liquidation will discharge debts and leave the business owner with nothing, while reorganization will discharge debts and give the business a chance to start over.
Individuals
Most individuals who want debt reorganization rather than liquidation opt for a Chapter 13 bankruptcy. Chapter 13 is less time-consuming, less complicated, and less expensive than Chapter 11. However, there are limitations on the amount of debt you can have to file for Chapter 13 -- those who exceed the limitation must instead opt for a Chapter 11.
Contact Us
If you need assistance with a Chapter 11 bankruptcy, or are unsure which type of bankruptcy is best for you, contact us any time for a free initial consultation with Attorney Lawrence L. Szabo. Our office is wheelchair accessible.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
