The usual goal of Chapter 11 bankruptcy is to put together a debt reorganization and repayment plan for businesses and individuals with both significant debt and significant assets. It provides protection from adverse creditor actions such as repossessions and lawsuits, and gives you the opportunity to turn your financial situation around.
For an operating business, to determine if Chapter 11 is an answer for your problems, you need to ask yourself whether your business would be viable if current unsecured and/or secured debts were paid a partial or full-distribution over time instead of having to pay under your creditors’ conditions. For an entity in the business of renting real property, the question is whether continuing to operate your rental properties can be made to result in a net gain every month by changing the terms of the notes secured against your properties, such as by extending the repayment term, paying only the current market interest rate for your type of property, and/or paying an amount equal to 100% with market interest of the current market value of your property but only an affordable percentage of the amount in excess of such value. While the appropriate question or questions in your situation may vary, you will never know if restructuring your business is possible if you do not consult an experienced and knowledgeable Chapter 11 attorney as soon as possible. Do not wait another day. The sooner you consult us, the sooner we can answer your questions and prepare your case in advance to make the process easier.
People often remark that a Chapter 11 reorganization seems too good to be true; however, to achieve good results you must work closely with a Chapter 11 attorney to satisfy all the requirements that will permit you to get a good result.
At the Orantes Law Firm, in Los Angeles, attorney Giovanni Orantes is dedicated to helping individuals and businesses throughout Southern California obtain protection from creditors by filing Chapter 11 bankruptcy. We offer a rare free initial consultation even in Chapter 11 cases to look at the challenges you face and give you honest answers about your rights and options.
The following pages provide more information about Chapter 11 bankruptcy:
- Small business bankruptcy: The smaller your business, the harder it is to get the time you need to gather assets and take steps to pay down your debt. An efficient Chapter 11 bankruptcy filing can give you the time you need.
- Chapter 11 bankruptcy for businesses: Chapter 11 bankruptcy will give you time and protection you need to work with your creditors to create a payment plan your business can actually afford.
- Debtor in possession: There is no trustee in a Chapter 11 bankruptcy case. Instead, the debtor serves this role as debtor in possession.
- Chapter 11 bankruptcy for individuals: Chapter 11 bankruptcy is not just for businesses. There are many individuals with enough personal assets to require a plan that can handle their unique concerns.
Contact Los Angeles Business Bankruptcy Lawyer Giovanni Orantes
You do not have to risk losing your business in order to obtain relief from debts. You just have to talk to a Los Angeles Chapter 11 bankruptcy lawyer who can help you consider your options. Call (213) 340-0534 or contact us by e-mail to schedule a free initial consultation and learn more. Hablamos español tambien.