Chapter 11 Bankruptcy

You have worked hard to build your business, you should work just as hard to save it!

Chapter 11 bankruptcy is an option that partnerships, limited liability corporations, small and large businesses, and corporations have available to them to restructure their finances, and alleviate the burden of debt. It is also available to individuals whose debt burden disqualifies them from a Chapter 13 filing.  As with other bankruptcy petitions, once the petition is filed, the case begins and an automatic stay of all collections actions is put into effect.  This means creditors may not pursue existing or new collection activities for unpaid pre-petition debts unless the court issues a modification to the stay.  This provides an opportunity for the debtor to draft a reorganization plan and negotiate more feasible and tolerable repayment terms without worrying about its debt obligations. Under court supervision you are still able to continue to operate your business. Each situation is unique and presents a range of possible options.  So, please call to speak with a member of our bankruptcy team at Berger, Fischoff, Shumer, Wexler & Goodman, LLP to discuss options available to your specific situation.

When considering filing a Chapter 11 bankruptcy it is important to seek legal advice from an experienced Chapter 11 bankruptcy attorney. Working together, you and our bankruptcy team at Berger, Fischoff, Shumer, Wexler & Goodman, LLP, can create a plan to financially restructure your business debt and reduce your financial liabilities. Your business may regain profitability by the reduction of certain obligations and the modification of payment terms on other debts. Additionally your attorney may advise you to downsize by selling some of its assets. Making changes to your business may be intimidating but knowing that you are working with an experienced bankruptcy professional will make the process less threatening.

Chapter 11 has helped prevent countless businesses from closing. Many businesses shy away from Chapter 11 bankruptcy because the process is complex. You should not be intimidated by the idea of Chapter 11.  You have worked hard to build your business, now you should work just as hard to save it! At Berger, Fischoff, Shumer, Wexler & Goodman, LLP, our bankruptcy team  has helped countless businesses remain operational by representing them in their Chapter 11 filing.  We have helped reduce or eliminate debts and have negotiated payment plans with taxing authorities and other creditors, for our clients’ benefit.   The bankruptcy team at Berger, Fischoff, Shumer, Wexler & Goodman, LLP, will guide you through the process and speak in terms that you can understand. To help ease your mind, our team will answer any questions you have. We will work efficiently and effectively with you to create a plan that will keep your business operating for years to come.