Written By: Attorney Robert Stiberman| Updated 5/10/2023
When a business struggles financially, filing for bankruptcy may be the only solution to restructure its debts and get back on track. Chapter 11 bankruptcy is a legal process designed to help businesses and individuals reorganize their debt and emerge stronger than before. However, navigating the complex Chapter 11 process can be overwhelming without the guidance of a skilled bankruptcy lawyer. This article will provide everything you need about hiring a Chapter 11 bankruptcy lawyer in Lake Sarasota, Florida.
Chapter 11 bankruptcy is a legal process that allows a business to restructure its debts while continuing to operate. It is typically used by large businesses struggling financially and needing to reorganize their operations to become profitable again. During the Chapter 11 process, a business will work with its creditors to develop a reorganization plan to continue operating while paying back its debts over time.
Subchapter V is a newer type of bankruptcy introduced in 2019 as part of the Small Business Reorganization Act. It is designed specifically for small businesses with less than $7.5 million in debt and offers a streamlined bankruptcy process that is more affordable and efficient than traditional Chapter 11 bankruptcy.
To be eligible for Subchapter V, a business must meet specific requirements, such as having most of its debt related to business activities and not being publicly traded. One of the key advantages of filing under Subchapter V is that it allows the business to keep its current management team in place rather than having a bankruptcy trustee take over.
Another advantage of Subchapter V is that it requires the business to create a reorganization plan within 90 days, rather than the usual 120 days required in traditional Chapter 11 bankruptcy. This can help the business get back on track more quickly and minimize the disruption to its operations.
While Subchapter V has many benefits, consulting with a Chapter 11 bankruptcy lawyer is essential to determine the right choice for your business. A lawyer can help you understand the eligibility requirements and guide you through bankruptcy to ensure the best possible outcome for your business.
Navigating the Chapter 11 bankruptcy process can be complicated, time-consuming, and stressful. Working with an experienced Chapter 11 bankruptcy lawyer that serves Lake Sarasota or Sarasota, county, FL, can make the process much easier and increase your chances of a successful outcome. Here are some of the benefits of hiring a Chapter 11 bankruptcy lawyer:
Choosing the right Chapter 11 bankruptcy lawyer is crucial to the success of your business. Here are some factors to consider when selecting a Chapter 11 bankruptcy lawyer in Lake Sarasota, Florida:
The Chapter 11 bankruptcy process can take several months or even years to complete, depending on the complexity of your case. Here is a brief overview of what to expect during the Chapter 11 bankruptcy process:
Chapter 11 bankruptcy cases are filed in the United States Bankruptcy Court. The court where the case is filed will depend on the location of the debtor’s domicile, residence, or principal place of business. If your business is in Lake Sarasota or Sarasota county, you will most likely file your Chapter 11 bankruptcy case in the Tampa Division of the United States Bankruptcy Court for the Middle District of Florida. The Tampa Division courthouse is located at Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue, Suite 555, Tampa, Florida 33798.
It is essential to file a Chapter 11 case in the correct bankruptcy district, as the bankruptcy court’s jurisdiction is limited to the geographic area covered by the district. Therefore, it is essential to work with an experienced Lake Sarasota bankruptcy attorney familiar with the jurisdictional requirements and court procedures in the specific district where the debtor wishes to file their case.
After filing a Voluntary Petition for Chapter 11 bankruptcy, your case will be assigned to a judge in the corresponding division’s bankruptcy court. Unlike Chapter 7 and 13 bankruptcies, where the bankruptcy trustee handles most matters, it is crucial to be aware of the judge presiding over your case since the judge plays a vital role in the Chapter 11 process. From approving a reorganization plan to overseeing the administration of the case, the judge’s decisions can significantly impact the outcome of your case. Here is an overview of the judges who may preside over Chapter 11 bankruptcy cases in the Tampa Division Bankruptcy Court:
Judge Roberta A. Colton
Chief Judge Caryl E. Delano
Judge Catherine Peek McEwen
Judge Michael G. Williamson
Filing for Chapter 11 bankruptcy can be a stressful and overwhelming process, but with the guidance of an experienced Chapter 11 bankruptcy lawyer, you can emerge stronger than ever. If your business is struggling financially, consider filing for Chapter 11 bankruptcy. By working with a skilled bankruptcy lawyer, you can develop a reorganization plan allowing your business to continue operating while paying back its debts. Don’t let financial struggles hold your business back any longer; contact a Chapter 11 bankruptcy lawyer in Lake Sarasota, Florida, today to learn more about how they can help your business succeed.
The Stiberman Law Firm specializes in providing legal services related to bankruptcy, debt solutions, and wage garnishment. We understand the legal protections offered by Chapters 7, 11, and 13 bankruptcy. Look no further than Robert Stiberman, an experienced bankruptcy attorney.
With over 12 years of experience representing debtors in bankruptcy, Robert has the knowledge and expertise to help you keep your property and get you debt relief. Contact our firm today to schedule a consultation and take the first step towards financial freedom.
If you want to schedule a consultation and learn how he can help, please call (954) 758-4324 or fill out a contact form below. Don’t let debt stake over your life – contact Stiberman Law today.
The cost of hiring a Chapter 11 bankruptcy lawyer can vary depending on several factors, including the complexity of your case, the attorney’s experience, and the law firm’s location. In Lake Sarasota, Florida, you can expect to pay anywhere from $10,000 to $50,000 for legal fees associated with a Chapter 11 bankruptcy filing. However, some bankruptcy lawyers may offer payment plans or reduced fees for struggling businesses.
The Chapter 11 bankruptcy process can be lengthy and complex, and the timeline can vary depending on the size and complexity of the case. Generally, the process takes between 6 months to 2 years to complete. During this time, the business will continue to operate under the protection of the bankruptcy court while it works to develop and implement a reorganization plan.
While Chapter 11 bankruptcy is primarily intended for businesses, individuals may file for Chapter 11 if they have significant debt, income, and assets exceeding the limits set for Chapter 7 and Chapter 13 bankruptcies. However, Chapter 11 bankruptcy can be costly and time-consuming, so it is typically only used by individuals with complex financial situations.
During the Chapter 11 bankruptcy process, the business’s assets may be protected by the automatic stay, which prevents creditors from taking any collection actions against the business. The business will continue to operate under the bankruptcy court’s supervision, and a trustee may be appointed to oversee the reorganization process. The business may need to sell some assets to pay off its debts, but the goal is to restructure the business’s finances in a way that allows it to continue operating.
Chapter 11 bankruptcy is a form of bankruptcy that allows businesses to reorganize their finances and continue operating under the protection of the bankruptcy court. Chapter 7 bankruptcy, on the other hand, involves the liquidation of a business’s assets to pay off its debts.
To schedule a consultation and learn how a Chapter 11 bankruptcy lawyer that serves Lake Sarasota, Florida can assist you, please call (954) 758-4324 or fill out a contact form below. Don’t let debt stake over your life – take control of your financial future today.
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