Oakland Chapter 11 Bankruptcy Attorney
Settle Your Debt and Strengthen Your Business
Financial success is, unfortunately, not always permanent. Through no fault of your own, you may have experienced a tough market or personal accidents that left you in a pit of debt. As this debt grows and your means to repay it diminish, you may think that any hope of salvaging your company or personal life are overly optimistic. Fortunately, Chapter 11 bankruptcy offers a debt relief solution for individuals who want to keep their property and companies who wish to try to revive their business.
Contact our lawyers to discuss your specific case and determine if a Chapter 11 bankruptcy filing is a viable option for you.
What Is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is a debt relief solution focused on reorganizing a business and its debts to give them the time they need to repay their creditors. It’s a viable option for businesses that aren’t ready to give up just yet and are instead looking to emerge from this phase stronger and profitable after some financial fixing.
Chapter 11 Bankruptcy Process
Through Chapter 11 bankruptcy, the business or individual proposes a reorganization plan that would serve the best interest of the creditors. The debtor typically has four months to draft and present a plan but may apply to get an extension if necessary. The creditors then approve the plan and the repayment process begins.
After filing, the business or individual becomes a “debtor in possession.” They may continue to operate, but any decisions thought to greatly impact the company and its financial status must now be brought to the attention of the court, which then grants permission to pursue in the way it deems best suited for the situation.
Debtors do not have to adhere to a certain time limit when working to repay their creditors. However, most filers take between six months and two years.
Do I Need a Bankruptcy Attorney?
Bankruptcy is a complex procedure that presents lasting effects on you and your credit and is thus one not meant to be taken lightly. When you decide it is necessary to receive some form of debt relief, consulting our bankruptcy lawyers offers you the chance to have your case professionally reviewed in order to recommend the right course of action for you. Beyond identifying which bankruptcy filing to pursue, our attorneys can help you:
- Represent your case in bankruptcy court
- Negotiate with creditors
- Help you construct a repayment plan
- Help guide you through the entirety of the process
Our team at The Kostopoulos Bankruptcy Law is experienced in providing our Oakland clients with renewed financial freedom and a fresh start to make their business even stronger than before. After reviewing your case and deciding on a course of action, we can help you move forward with confidence.
If you’re struggling to repay debt, call our lawyers at (877) 969-7482 to discuss your bankruptcy filing options.