Brooklyn, Bronx, Manhattan, Staten Island and Long Island Chapter 11 Bankruptcy Attorney
The reorganization alternative that lets your business stay in business
Chapter 11 bankruptcy is used by businesses that believe they can pay off their debts by restructuring themselves. After speaking with an experienced Chapter 11 attorney, business owners know that they can remain in business and retain assets as they develop and execute their debt repayment plans. A court-appointed trustee supervises the business to ensure it complies with reorganization guidelines.
Most of the Chapter 11 filings are made by legal business entities, such as corporations and partnerships. However, Chapter 11 bankruptcy relief is also available to individuals who are in business as sole proprietors and to individuals with personal debts. Contact a Chapter 11 lawyer to learn specific eligibility requirements.
An individual debtor is barred from filing a Chapter 11 petition if a prior bankruptcy petition had been dismissed within the prior 180 days due to the debtor’s failure to appear before the bankruptcy court or to comply with its orders.
Additionally, an individual debtor must have received credit counseling within 180 days prior to the filing from an approved credit counseling agency.
The benefits of filing a Chapter 11 petition
The future of a business filing a Chapter 11 petition is much different from what would result from a Chapter 7 filing. A business filing a Chapter 7 petition must liquidate its assets, which generally means that the business must cease its operations. The advantage of a Chapter 11 petition is that the business remains in operation while it implements a structured and supervised plan to emerge from bankruptcy protection. The plan may combine the cancellation of some debts, leases and contracts with extended payment plans for other debts and tax arrearages.
By reducing and restructuring its debt payments, a business can afford to:
- Retain and pay its employees
- Provide health and pension benefits to its employees
- Keep assets
- Invest capital in the business
- Continue business operations until emerging from bankruptcy protection
The Law Office of Gregory Messer is your ideal source for legal assistance if you are interested in learning more about filing for bankruptcy under Chapter 11. Attorney Gregory Messer has more than 30 years of experience handling bankruptcy petitions in New York. Mr. Messer has represented debtors and creditors in bankruptcy proceedings and has the knowledge needed to help you construct a viable reorganization plan and save your business. He provides personal, comprehensive service as you deal with the stress of filing for bankruptcy and ensures all your legal rights are protected.
Reach out to Gregory Messer for help with your Chapter 11 bankruptcy petition
Contact our law office online or at 718-717-2368 to schedule a free initial consultation with Gregory Messer. Our office is located across the street from the U.S. District Bankruptcy Court in Brooklyn and is close to the Borough Hall and Court Street subway stations. We serve residents throughout Brooklyn, Bronx, Manhattan, Staten Island and Long Island.
To ensure every client’s filing receives the attention it deserves, we are an appointment-only law firm with flexible hours adjustable to fit your needs.