When you step into our offices, the first thing we will do is give you a picture of your estate, both what you owe and what you own. Taking a comprehensive look at your financial situation and goals for the future, we will help you determine which bankruptcy option is right for you. In order to make this determination, our attorneys will need to review the following:
- 60 days of paystubs to determine income
- Credit reports to review listed creditors
- Any lawsuits, garnishments or levies against you
Chapter 11
Chapter 11 is a reorganizational bankruptcy under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietor, and to individuals, although it is most prominently used by corporate entities.
The United States Bankruptcy Code governs how much certain creditors must be repaid and how long a debt must be paid back. While the attorney will safeguard your interests, the entire process is carried out under the supervision of the court and United States Trustee.
You may need to consider Chapter 11 bankruptcy if cash flow is problematic and you owe more than $336,900.00 in unsecured debt and secured debts of less than $1,010,650.00 as of April 1, 2007.
You may also consider filing Chapter 11 if you have multiple investment properties and require additional time to carry you through your financial hardship.
Chapter 11 bankruptcy offers you a way to continue operation of business and investments, avoid foreclosure and protect assets from being lost. If you are interested in Chapter 11, we can help you formulate a plan that works for you.
A SUCCESSFUL CHAPTER 11 CASE
Client Corporation Delta owed various venders in debts over $400,000.00. Corporation Delta is having cash flow problems due to lack of business and also uncollectible account receivables. Corporation also owes about $40,000.00 tax debts to tax agencies.
Law Offices of Steven P. Chang successfully filed a Chapter 11 bankruptcy, allowing the Client Corporation to stay in operation. The bankruptcy filing further gave Client Corporation breathing room from creditor collections and allowed Client Corporation to restructure its debts by proposing a plan payment and collect some of the aging receivables while holding off creditors.