Florida Chapter 11 Bankruptcy Lawyer
Chapter 11 May be the Solution to Your Plantation Bankruptcy Needs
Among consumers, Chapter 7 and Chapter 13 bankruptcy are frequently the most attractive options to help them save their home from foreclosure, keep their car from repossession, and rid themselves of overwhelming debt from credit card bills, medical expenses and more. In some cases, however, Chapter 11 may be the better choice. With Chapter 11, you can lower your debts, draw out the time you have to pay off your debts, and reorganize your finances in a logical, manageable fashion.
By speaking with a knowledgeable and experienced Florida Chapter 11 bankruptcy lawyer, you can find out which type of bankruptcy is right for you and what the process involves. See more below about Chapter 11, and contact Nowack & Olson, PLLC to speak with a team of dedicated and successful Florida bankruptcy lawyers.
Chapter 11 for Businesses
Chapter 11 is often the most attractive option for businesses. First of all, Chapter 13 is for consumers only and is not available to all except the most closely-held family-owned businesses or sole proprietorships. Although businesses can file for Chapter 7, this is usually done as a means to help the company wind up its affairs and shut down in an orderly fashion, without being liable for outstanding debts after the businesses closes.
For businesses which are struggling financially but wish to continue operating, Chapter 11 offers the opportunity to reorganize or restructure the business and its finances so that its debts can be paid off over time while it moves toward a more profitable business model. A business owner in Chapter 11 becomes the “debtor in possession” and is able to continue operating throughout the bankruptcy with some oversight from creditors and the bankruptcy trustee.
Other options may be available for small and family-owned business which are more attractive than Chapter 11, so it is important to meet with an experienced Florida bankruptcy lawyer to discuss your alternatives. At Nowack & Olson, we offer a no-cost, 60-minute consultation for business owners in Plantation and coastal communities from Doral to Boca Raton to Jupiter.
Chapter 11 for Individuals
Although more typically used by businesses, Chapter 11 is sometimes a viable option for individuals as well. For instance, if most of your assets do not fall under the Florida bankruptcy exemptions, they could be sold off by the bankruptcy trustee in a Chapter 7 proceeding. If you file Chapter 11 instead, you can keep those assets while coming up with a payment plan. Another reason for filing Chapter 11 is if you owe lots of money on certain high-value assets, such as a home or car. Although you may be able to keep the property from a Chapter 7 liquidation, you may not be able to have the debt discharged and still keep the property. Chapter 13 is often an answer in this situation, but there are limits to how much debt you can have and still file. If you have too much debt for Chapter 13, Chapter 11 may be the better option.
Call Our Florida Chapter 11 Bankruptcy Lawyers to Find Out if Chapter 11 is Right for You
To find out if Chapter 11 is right for you, or if some other method is better suited to get you the debt relief you need, contact Nowack & Olson at 866-907-2970 for a free consultation with our knowledgeable and experienced Florida Chapter 11 bankruptcy lawyers.
