Chapter 11 Bankruptcy Attorney in the Bay Area
Understanding Chapter 11 Bankruptcy: A Comprehensive Guide
Chapter 11 bankruptcy is a legal process that involves restructuring debts and assets and creating an agreed-upon payment plan (the “reorganization plan”) with creditors. It benefits businesses and organizations specifically because it allows them to manage debts while continuing operations.
If you believe filing for Chapter 11 bankruptcy is necessary, turn to Compass Bankruptcy Law Group for legal support and guidance. Our attorney compassionately represents clients navigating all types of bankruptcies. He has helped numerous people in situations just like yours find relief.
Call (888) 850-0624 or reach out online to partner with a skilled Chapter 11 bankruptcy attorney in the Bay Area. Consultations are free at our office.
Eligibility for Chapter 11 Bankruptcy: Who Can File?
Businesses of all kinds can file for Chapter 11 bankruptcy. Additionally, this type of bankruptcy may be a viable option for individuals who want to protect their assets but have a debt amount that exceeds the limits for Chapter 13 bankruptcy.
The individuals and entities generally ineligible for Chapter 11 bankruptcy include government agencies, insurance companies, banks, stockbrokers, commodity brokers, and estates.
Can Businesses Thrive After Chapter 11 Bankruptcy?
Filing for Chapter 11 bankruptcy allows businesses to keep their doors open, providing an opportunity to generate revenue, preserve business relationships, and maintain customer confidence during the reorganization process.
Additionally, filing often preserves valuable assets that are key to a business’s long-term success and motivates businesses to make operational changes that improve efficiency and profitability. While not every business can survive Chapter 11 bankruptcy, many come out of the process stronger.
Why Choose Compass Bankruptcy Law Group?
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Compassionate SupportWe understand the emotional toll of financial difficulties and are dedicated to providing compassionate, empathetic support throughout your bankruptcy journey
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Proven Track RecordOur attorney's experience includes cases presented before the Supreme Court, highlighting our capability to handle complex and high-stakes legal matters.
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Board Certified RepresentationOur attorney is a board-certified specialist, ensuring you receive top-tier legal representation.
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Offering 100% Free ConsultsWe offer free consultations to ensure you get experienced advice without any financial burden upfront.
What to Know About the Plan of Reorganization
The plan of reorganization outlines how you intend to repay creditors. It may include restructuring debt, renegotiating loan terms, selling assets, and reducing business expenses. The plan will also propose a repayment timeline that aligns with your financial situation and capabilities.
Below is further information about Chapter 11 bankruptcy plans of reorganization:
Feasibility & Good Faith
Your reorganization plan must include feasible repayment commitments. Also, you must propose the plan in good faith, meaning it aims to maximize creditor recovery while maintaining your ability to continue operations.
The Plan’s Elements
Your plan should include details about your debts and corresponding creditors. It must treat all creditors equally and outline a reasonable plan for repaying all or part of your outstanding debts.
The Creditor’s Vote
Creditors who will receive less than they are owed in repayment or have their contractual rights altered will vote on your plan. These creditors have claims in a case that are referred to as “impaired.”
The Confirmation Hearing
If creditors have voted to approve your plan, a confirmation hearing is held to determine whether it is fair, feasible, and compliant with bankruptcy laws. Once the court examines these elements, it can approve the plan.
Considering Chapter 11 Bankruptcy? Contact Compass Bankruptcy Law Group.
Our firm’s founding lawyer, Reno Fernandez, is a certified bankruptcy law specialist with over 16 years of experience in the field. His insights and know-how inform everything our office does on behalf of clients.
For you, we can:
- Assess your situation and evaluate the viability of filing for Chapter 11 or another kind of bankruptcy
- Handle all preparation and strategizing ahead of filing for bankruptcy
- Negotiate for you with creditors, whether in mediation or another setting
- Help you craft a legally compliant reorganization plan that preserves your best interests
- Advise you on strategies to protect assets, utilizing allowable exemptions
- Represent you in the confirmation hearing and other proceedings
- Provide ongoing support as you work to fulfill the reorganization plan and move ahead with your business and life after filing
For your case, turn to a Bay Area Chapter 11 bankruptcy lawyer you can trust at Compass Bankruptcy Law Group. Reach out to arrange a free consultation to discuss your situation and legal options. Payment plans are available, and we offer services for $0 down.
Call (888) 850-0624 or submit our online contact form to start with us. From our office in Benicia, we serve the Bay Area and the North Bay Area.
