Chapter 11 bankruptcy reorganization is available to individuals and business entities such as partnerships, limited liability companies (LLCs) and corporations.
Unlike Chapter 13, it has no limits on the amount of debt and is highly flexible. However, its complexity can make Chapter 11 a very expensive debt relief strategy. Legal fees alone can quickly reach tens of thousands of dollars, which makes this approach unavailable to most people. Even the court's filing fee is substantially more than the fee for a Chapter 7 or Chapter 13 case.
At the Law Offices of David A. Tilem, our skilled Chapter 11 business bankruptcy attorneys show you how to restructure secured debt so you can gradually return to a sound financial footing without interrupting your company's smooth operation.
Burbank Business Debt Lawyer Serving Los Angeles County For More Than 30 Years
Chapter 11 is designed to allow businesses to restructure and keep their employees working. It can also be used to allow for a controlled liquidation and by individuals and property owners who cannot take advantage of Chapter 13.
Chapter 11's special rules apply to individuals, owners of small businesses and still others when the debtor owns only one piece of property that is not occupied by the debtor as a residence. Special rules also exist for partnerships, stockbrokers and specific types of businesses such as airlines, those that must deal with unions and others plagued by toxic waste problems.
Chapter 11 cases are very complicated, and prefiling preparation is often critical. Filing for it and executing it are not do-it-yourself projects and should not be attempted without the assistance of experienced bankruptcy attorney.
To speak with our Chapter 11 bankruptcy lawyer in Glendale, contact the Law Offices of David A. Tilem and arrange your free initial consultation. Call toll free 800-474-0097. We also respond promptly to email messages.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.