Brooklyn Chapter 11 Bankruptcy Lawyer Assists Businesses.
Firm advises New York City and Long Island companies struggling with debt.
Chapter 11 bankruptcy is used by businesses that seek to pay off their debts by restructuring operations and payment terms with their creditors. At the Law Office of Gregory M. Messer PLLC in Brooklyn, we show New York business owners how an experienced Chapter 11 attorney can help them remain open and retain assets as they develop and execute their debt repayment plans. Attorney Gregory Messer has guided clients for more than 30 years through this process and ensure it complies with reorganization guidelines.
Chapter 11 eligibility for businesses and individuals.
Most Chapter 11 filings are done 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. Some of the most prominent American companies have used Chapter 11 bankruptcy protection to hold off collection efforts against them and give owners the time and resources they need to renegotiate terms with their creditors, make internal changes that cut costs and terminate agreements that are draining their assets.
Benefits of Chapter 11 bankruptcy protection.
While a business filing a Chapter 7 petition must liquidate its assets, which generally means that the business must cease its operations, Chapter 11 is different. This type of bankruptcy lets the business remain 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
Our firm has the legal knowledge and real-world experience to develop a sound restructuring solution that is likely to win approval from creditors and gives companies the foundation they need to rebound financially.
The Chapter 11 bankruptcy process
Typically in a Chapter 11 bankruptcy, the debtor remains in possession of its assets while submitting information to the court and creditors on its financial condition. Immediately upon filing, an automatic stay is initiated that prohibits creditors from taking collection actions, seizing assets or cutting off services. The filer submits a reorganization plan that must be approved by the court. It is critical to show that creditors are more likely to receive a better return through the reorganization plan than they would if business assets were distributed through a Chapter 7 liquidation. Our firm strives to create a plan that gives clients the best chance to succeed and eventually emerge from Chapter 11 protection.
The Law Office of Gregory M. Messer PLLC 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 cases in New York. Having represented both debtors and creditors in bankruptcy cases, Mr. Messer can help you construct a viable reorganization plan designed to 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.
Contact an accomplished New York Chapter 11 bankruptcy lawyer for a free consultation.
Reach out to the Law Office of Gregory M. Messer PLLC online or at to schedule a free initial consultation concerning a potential Chapter 11 bankruptcy filing. Our office in Brooklyn is across the street from the U.S. Bankruptcy Court and is conveniently close to the Borough Hall and Court Street subway stations. We serve residents throughout New York City 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.