Chapter 11 Bankruptcy Lawyer in Northbrook
Client-Focused Representation with a Personalized Approach
Chapter 11 is generally known as the “reorganization” bankruptcy. It is typically used for businesses that wish to keep operating while restructuring their organization so as to be able to pay creditors. It is also available to individuals who wish to avoid asset liquidation in a Chapter 7 or who fail to qualify for a Chapter 13. Chapter 11 is generally more complex, time-consuming, and expensive than Chapter 7 or 13.
If you or your business is facing overwhelming debt, finding the best option to handle your financial dilemma is achievable with the help of an experienced bankruptcy attorney. At Fridman Legal, you can work with a Northbrook Chapter 11 bankruptcy attorney who has extensive experience in this field. We can review your situation, educate you on the various options available to you, and help you move forward with appropriate legal action. When you hire us, you will receive one-on-one, personal attention from our attorney and never a junior associate.
How a Chapter 11 Bankruptcy Works
In a Chapter 11, the business owner can voluntarily file to save the business or it can be forced on him or her if three or more creditors petition the court for this action. As in other forms of bankruptcy, once the petition is filed, an automatic stay is put into effect which prohibits creditors from attempting to collect. The business then has four months to create a reorganization plan designed to pay off financial obligations. The reorganization can involve downsizing and other methods to reduce expenses and generate more income or free up assets.
Once the plan is created, creditors can vote on whether to accept it, which they generally do. No time restrictions are typically placed on fulfilling the reorganization plan. They may take months or years.
A Chapter 11 puts a hold on all collection matters, including foreclosures, repossessions, and judgments. This gives the business time to reorganize its operation as well as negotiate with creditors.
Due to the complexity of Chapter 11 filings, we highly recommend that you bring your case to Fridman Legal, where you can receive knowledgeable and skilled legal assistance.
Reach out to our Northbrook Chapter 11 bankruptcy attorney at (847) 278-0665.