Chapter 11 bankruptcy, often referred to as business reorganization, is the most complex area of bankruptcy law. Businesses and corporations of all sizes who are dealing with looming financial catastrophe, but want to keep the doors open, as well as individuals with large debts can file Chapter 11. Our Jacksonville bankruptcy lawyers are extremely knowledgeable about the restructuring and organization in Chapter 11.
Chapter 11 is similar to Chapter 13 in that you propose a payment plan, but there are significant differences between the two. When you file for Chapter 11, the creditors also have an opportunity to vote on your plan. If enough creditors vote in favor of the plan, it is usually approved. An approved Chapter 11 plan essentially rewrites many of the contracts you currently have with your creditors. Once this new plan is in place, each party is expected to uphold the new arrangements.
Chapter 11 cases require a significant amount of time and work to be successful, which is why choosing the right Gainesville attorney is essential. These cases are a specialty within a specialty area of law. It is important that you meet with us to discuss your business, your goals, and what you hope to achieve with Chapter 11 bankruptcy. When these cases do succeed, it is usually because the business has a profitable core, but needs some time to reorganize, change operations, and liquidate underused assets. Legal fees for a Chapter 11 are significant. Chapter 11 cases demand the most experienced bankruptcy attorneys. Most bankruptcy lawyers never file a Chapter 11 in their entire careers. In addition, the amounts at stake and risks are very high. The amount of time involved for the attorney is enormous compared to other types of bankruptcy. Lisa Cohen, of Ruff & Cohen is one of the most experienced Chapter 11 bankruptcy attorneys in north Florida. She has handled over 100 Chapter 11 cases for all kinds of businesses – farms, metal fabrication, real estate companies, electrical contractors, general contractors, etc. We invite you to call any bankruptcy firm in Gainesville, for example, and inquire as to their opinion of Lisa Cohen’s reputation as an attorney for Chapter 11 cases.
To set up a complimentary initial consultation, contact our Gainesville Chapter 11 bankruptcy lawyers at (352) 364-8688.