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 Bankruptcy Law Firm 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 (510) 270-2782
to discuss your bankruptcy filing options.