If you are considering Chapter 11 bankruptcy, it is important to have an experienced and knowledgeable Palm Beach County Chapter 11 bankruptcy attorney on your side. Our Chapter 11 bankruptcy lawyers help individuals and businesses in Boca Raton, West Palm Beach, Boynton Beach, Delray Beach, Highland Beach, Jupiter, Lake Worth, Lantana, Palm Beach Gardens, Riviera Beach, Royal Palm Beach, and Wellington, as well as nearby cities, obtain financial relief by restructuring debt under Chapter 11 bankruptcy protection laws.
Chapter 11 bankruptcy, also referred to as “debt reorganization” bankruptcy, is designed to restructure outstanding debt according to a monthly payment plan that spans a period of 3 – 5 years. It is most often utilized by businesses that seek protection under federal bankruptcy laws, although Chapter 11 bankruptcy can also protect individuals that exceed Chapter 13 eligibility requirements. Essentially, the process for both types of bankruptcy are similar, with the primary difference being the amount of debt covered, as well as the cost of legal and filing fees. Chapter 11 bankruptcy is considered to be the most complex, lengthy and expensive bankruptcy filing option.
Determining If You Should File Chapter 11 Bankruptcy in South Florida
Chapter 11 bankruptcy is most often utilized by businesses that are facing financial difficulties, rather than individuals. The exception to this is for individuals with debt in excess of approximately $1 million that are not covered by other forms of bankruptcy protection. Individuals and businesses in Palm Beach filing Chapter 11 bankruptcy will be required to repay outstanding debt to creditors, but will do so under a debt reorganization plan that stipulates monthly payments to be made over the course of 3 – 5 years. This bankruptcy option is the most flexible bankruptcy filing option and offers an unlimited debt ceiling; however, it is also the most complex and the most costly.
Finding a Chapter 11 Lawyer in Palm Beach
When considering Chapter 11 bankruptcy, the decision to proceed cannot be made lightly. Chapter 11 bankruptcy filing typically involves a large amount of debt, the filing of a great deal of paperwork, and a complex process that must be adhered to over a long period of time. Therefore, it is imperative that you find a Chapter 11 bankruptcy lawyer that is not only experienced and knowledgeable in bankruptcy filing in South Florida, but that you are comfortable with and feel you can trust.
Chapter 11 Bankruptcy Law Firm Attributes
With offices located in Fort Lauderdale, Boca Raton and West Palm Beach, our law firm is well positioned to assist residents and businesses throughout South Florida seeking debt reorganization opportunities available under Chapter 11 federal bankruptcy law. We are experienced in handling the complexities involved in Chapter 11 bankruptcy and can provide you with the information and guidance you need to help set your business or family on a path to a more financially secure future. In addition to our knowledge and experience, we offer compassion and understanding throughout this difficult and stressful process.
Free Palm Beach Chapter 11 Bankruptcy Consultations
If you are facing seemingly insurmountable financial circumstances and are considering the benefits of entering into a debt reorganization plan under Chapter 11 bankruptcy law, the first step you should take is to meet with a lawyer experienced in Chapter 11 filing. We offer free Chapter 11 bankruptcy consultations in Palm Beach County at any of our conveniently located offices. During this meeting, you can ask questions, get information about Chapter 11, and we can help you determine if this is a good option to meet your needs.
Additional Chapter 11 Bankruptcy Information
There’s a lot of information to process when considering Chapter 11 bankruptcy. We have provided answers to some frequently asked questions on the bottom of this page to help shed some light on this rather complex bankruptcy option. Due to the nature of this type of bankruptcy, we invite you to speak directly with one of our Palm Beach bankruptcy lawyers, either by phone or in one of our convenient law offices in Boca Raton, West Palm Beach or Fort Lauderdale, to discuss your unique financial situation and to answer any questions you may have. Simply call us at 561-353-2500 to schedule an appointment, or fill out the contact form on the side of this page and one of our bankruptcy attorneys will contact you.
Contact Our Chapter 11 Bankruptcy Law Firm in Boca Raton or West Palm Beach
Our offices are conveniently located on N. Federal Highway in Boca Raton, S. Flagler Drive in West Palm Beach, and E. Broward Boulevard in Fort Lauderdale. To find out more about Chapter 11 bankruptcy, and to get started on the road to a more secure financial future, contact us today to schedule your free Chapter 11 bankruptcy consultation. Call us at 561-353-2500 or fill out the contact form on the side of this page and one of our lawyers will call you to schedule an appointment.
At Eric N. Klein & Associates, we have Chapter 11 bankruptcy attorneys that can help you or your business get back on the path to a healthier financial future. We offer knowledge, experience, compassion – and the freedom to start fresh.
Why is Chapter 11 bankruptcy referred to as “debt reorganization”?Chapter 11 does not eliminate your debt by liquidating assets, paying off creditors with the proceeds, and then discharging any remaining debt like Chapter 7 does. Rather, when filing Chapter 11 bankruptcy, existing debt is reorganized into a monthly payment plan that requires you or your business to repay the outstanding debt over a span of 3 -5 years.
What are the benefits of Chapter 11 bankruptcy?Chapter 11 bankruptcy protection restructures debt while halting harassment from creditors, stopping IRS collection procedures, and preventing foreclosure or repossession activity. It allows the debtor to retain most assets as long as the agreed upon monthly payments are made.
When would an individual opt to file Chapter 11?Chapter 11 bankruptcy is most often utilized by businesses facing financial struggles. Individuals, however, can file Chapter 11 bankruptcy. Generally an individual will only opt for Chapter 11 filing if they exceed the debt limits established under Chapter 13 bankruptcy laws (unsecured debts of $360,475 and secured debts of $1,081,400). Chapter 11 entails higher filing and legal fees, as well as more extensive reporting requirements.
What will a Chapter 11 bankruptcy lawyer do for me?Chapter 11 bankruptcy is a very complex and lengthy process, and it is highly recommended that the process not be undertaken without representation from an experienced and qualified Chapter 11 lawyer. We will provide you with a free consultation to provide you with additional information about the process, answer any questions you may have, and help you determine if Chapter 11 is the best option for you.
If you are ready to proceed with filing Chapter 11, we will assist you in the filing of all documentation and paperwork, will provide you with advice and strategies to navigate through the Chapter 11 process, and will serve as the sole source of contact between you, your creditors and the court-appointed bankruptcy trustee.
What is Chapter 11 bankruptcy discharge?Once you have completed the process of making monthly payments to creditors according to an agreed upon payment plan (typically spanning 3 – 5 years), you will be discharged from any remaining debt. This provides you with the opportunity to move forward on the path to a more secure financial future.
Where in South Florida do you provide Chapter 11 bankruptcy services?We offer Chapter 11 bankruptcy services in Palm Beach County, as well as in Broward County.