What is Chapter 11 Bankruptcy?

signing paperwork

Here at The Law Office of Michael D. Pinsky, we understand that when clients turn to us for help filing for bankruptcy, they are in a time of need. For this reason, our Orange County Chapter 11 bankruptcy lawyer is dedicated to providing our clients with the personalized attention they deserve and need through every step of the process. Continue reading and contact our firm to learn more about Chapter 11 bankruptcy and how we can help you.

Do I need to hire a bankruptcy lawyer?

If you are in need of a bankruptcy attorney, you cannot hire just any attorney. You should strongly consider retaining the services of a knowledgeable bankruptcy attorney who has handled countless bankruptcy cases in the past. For years, The Law Office of Michael D. Pinsky has been a staunch advocate for all those who find themselves in difficult financial situations, and our firm is ready to represent you as well. We believe that there is a light at the end of the tunnel, and we are here to guide you toward it. Give us a chance so we can get you the future you deserve.

How do I know if I qualify for Chapter 11 in New York State?

The first thing our firm will have to determine is whether you qualify for Chapter 11 bankruptcy before filing. In many cases, Chapter 13 bankruptcy is the ideal type of bankruptcy for individuals, however, if you owe more than the debt limits afforded by Chapter 13 bankruptcy, you may qualify for Chapter 11.

What does the Chapter 11 bankruptcy process look like in New York State?

In Chapter 11, those filing will have to create what is known as a reorganization plan within four months (in certain cases, this timeframe may be extended). The goal of this plan is to come up with a practical strategy for you to pay off your debt. Keep in mind that in Chapter 11, the best interest of the creditors takes precedence over the best interest of the individual. When you file for Chapter 11, you will have to first place each creditor into its own class (priority, unsecured, and secured). From here, each creditor will have the right to vote on whether they choose to accept your reorganization plan. As long as all creditors accept your plan, your bankruptcy case should be approved.

If you have any additional questions or would like to learn more about what our firm can do for you, simply pick up the phone and give us a call today.

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