Long Island Chapter 11 Bankruptcy Lawyer

Chapter 11 bankruptcy is an option that caters primarily to businesses, corporations, and partnerships. It is somewhat like the Chapter 13 bankruptcy process, but is more flexible. In this bankruptcy method, a business acquires an extended period of time to pay off its debts, including up to six years to pay off any taxes it might owe. Businesses often file for Chapter 11 in order to obtain protection from creditors and to be given time to increase profitability and lower expenses. It is also filed in order to decrease expenses to an affordable level that will allow the business to remain viable.

Information About the Chapter 11 Process

Businesses who want to try to reorganize while continuing in business can use this chapter of bankruptcy to do so. It allows the company's day-to-day operations to remain under the control of management while every effort is made to regain profitability. It is a very complicated and therefore, very costly process. To help you understand more about Chapter 11 bankruptcy you should speak to an experienced Long Island bankruptcy attorney at the Law Offices of Scupp & Berman, LLP. While the intent of Chapter 11 is to assist the reorganization and restructuring of a company, it can also end by closing the business and the liquidation of all the company's assets.

It is also important to remember that while this was designed to help restructure a struggling business in mind, an individual can also file for Chapter 11 bankruptcy - especially if their debts exceed the limits allowed under Chapter 13 or if their property assets are very high. The rules and regulatory actions called for under Chapter 11 bankruptcy are very complicated. The reorganization plan can take months to file and unlike Chapter 13, the process is not only overseen by the Bankruptcy Court but also by the Department of Justice, Office of the United States Trustee. For all of these reasons, you should have the experienced assistance and advice of a knowledgeable bankruptcy attorney throughout the process.

Helping with Chapter 11 Bankruptcy in Nassau & Suffolk County

Making the choice to file for Chapter 11 bankruptcy protection should not be done lightly as the Chapter 11 process can be very complicated and filled with nuances that can adversely affect those who are not adequately prepared. Just the rules for filing are different depending on the size of the company and for individuals. The deadlines for many of these filings are often very soon after your Chapter 11 is initiated. Failure to comply with any one of the many filing guidelines or deadlines can cause the entire bankruptcy process to be dismissed, no matter how far it has progressed. In fact, many Chapter 11 cases fail before the filing is ever completed.

For this reason, it is highly recommended that one hire an experienced attorney if they are intending to file for this bankruptcy method. An attorney will be able to fully inform one of the intricacies of the process and provide guidance throughout the proceedings. Our firm is well-versed in all methods of bankruptcy, and we can assist you in your case. We have years of experience helping both individuals and companies file and complete their bankruptcies successfully. Contact our firm today and we will walk you through the process step by step and provide you with the knowledge you need to increase your chances of a successful filing.

Are you considering filing for Chapter 11? Contact a Long Island Chapter 11 bankruptcy lawyer from our firm to discuss your case and to determine whether or not this is the best solution for you.