Life is full of challenges. Crippling debt shouldn’t be one of them. Getting help when you find yourself trapped in debt is a smart move. Chapter 11 bankruptcy is one tool among many that we utilize to help our clients in West Palm Beach rebuild.
If you’re just making the minimum payments on your credit cards, you’re not really making progress towards a debt free future. You didn’t plan to be in this position. Maybe it was an unexpected medical expense or a business difficulty that led you to this point.
It’s going to be okay. We can help you figure this out. Get in touch with an experienced bankruptcy attorney at Stiberman Law. We’ll work together to come up with the best solution to accomplish your goals.
Chapter 11 bankruptcy is used to restructure your debt. Both companies and individuals can file for Chapter 11 bankruptcy in Florida. The goal is to restructure your existing debt so that you can make realistic payments to your creditors.
Filing for bankruptcy results in an automatic stay. This means that all collection activity is halted. This can pause a foreclosure and put an end to harassing phone calls from collection agencies. Creditors may petition the court to restart collection efforts, or await the final outcome of your bankruptcy filing.
A business that files for Chapter 11 bankruptcy in Florida will be able to continue operating throughout the process. This is an important feature that can keep the doors open and give business owners the opportunity to continue working their way through their debt.
Both individuals and businesses that file for Chapter 11 bankruptcy will work with the U.S. trustee to restructure and reduce their unsecured debts. A Creditor’s Committee may be appointed to represent the creditors in negotiations. This committee usually consists of the seven creditors that hold the most unsecured debt.
The debtor may be able to retain control of their assets throughout the process. The legal term for this is debtor in possession. This is one key difference for Chapter 11 bankruptcy filers, when compared with other types of bankruptcy.
The bankruptcy court charges a filing fee of $1,717. The trustee may charge a separate fee. If you choose to hire a West Palm Beach Chapter 11 bankruptcy lawyer, you will be responsible for attorney’s fees.
Every bankruptcy filing is unique. You need the help of a local expert to ensure this complex process is completed correctly and efficiently. If you make a mistake while filing for bankruptcy, some of your debts may not be included in your bankruptcy.
Stiberman Law offers payment plans in many cases. This makes it much easier to pay for a bankruptcy attorney. Our clients appreciate that we attend many of the hearings on their behalf and take care of the complex paperwork.
You can speak with a member of our team for free. We’ll answer your questions and schedule a free consultation with an experienced Chapter 11 bankruptcy attorney at Stiberman Law. We will also compare your options for you. Chapter 11 bankruptcy is not the right fit for everyone, so let’s work together to make sure you get this important decision right.
There are two broad categories to bankruptcies in Florida: reorganization or liquidation.
Chapter 11 provides businesses and certain individuals with the ability to reorganize their debts into more affordable payments. While unsecured debt balances may be reduced, the goal is to use future income to pay back a large portion of the debtor’s obligations.
Chapter 7 allows an individual or organization to eliminate their debts through liquidation. All non-exempt assets are transferred to the trustee. The assets are sold (sometimes back to the debtor) and the proceeds are used to repay the creditors.
If a business files for Chapter 7, they will no longer be in business at the end of the process. Chapter 13 allows a business to continue running and demands that the owners present their creditors with a realistic plan that focuses on cutting expenses and generating new revenue – to support future payments.
Chapter 11 bankruptcy filings are complex. It is not the right solution for every situation. You should consult an experienced attorney that handles Chapter 11 bankruptcies in Florida.
Stiberman Law is an established bankruptcy law firm in Florida. We have helped many businesses and individuals in West Palm Beach create a better financial future for themselves.
Our team of Florida bankruptcy experts have the experience and resources to create a customized solution to accomplish your goals. We offer payment plans to ensure that our clients can comfortably afford our help. You’ll appreciate the peace of mind that comes from knowing your West Palm Beach bankruptcy filing is being handled on your behalf by experts you can trust.
Speaking to our law firm is always 100% confidential. We do our best to respond to inquiries in under 24 hours.
We’ll get in touch as soon as possible.