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Filing for Chapter 11 Bankruptcy
Bankruptcy Attorneys in Port St. Lucie, Florida
If your business is facing insurmountable debt, and you are afraid that it will no longer be able to meet its financial obligations, contact a Port St. Lucie bankruptcy attorney from Crary Buchanan today. Our legal team has served the local community for more than 85 years and is here to help you understand your legal rights and options through Chapter 11 bankruptcy. Unlike Chapter 13 and Chapter 7 bankruptcy, Chapter 11 is primarily designed for businesses. If you are considering Chapter 11, our lawyers have the skill and experience to help you make an informed decision about your future.
Ready to speak with an attorney? Contact our office to schedule your initial case evaluation!
What is Chapter 11 bankruptcy?
Under the United States Bankruptcy Code, Chapter 11, businesses that are unable to meet their financial obligations can undergo reorganization. Chapter 11 is almost always used by corporate entities to eliminate debt. It is different than Chapter 13 and Chapter 17 bankruptcy, which allow individuals to discharge or reorganize their debts.
Chapter 11 bankruptcy provides the debtor with resources that are not available elsewhere in the U.S. bankruptcy code. For example, Chapter 11 allows the trustee to seize control of the business as repayment. According to 11 U.S.C. § 1108, the debtor in possession will act as trustee of the business unless a separate trustee is appointed to take control of it.
What happens after a business files for Chapter 11?
Chapter 11 affects each business differently. Sometimes, businesses are able to re-emerge from bankruptcy. This process can take several months or years – depending on the level and complexity of the debt. Other businesses may be liquidated to pay off the debt. Under 11 U.S.C. §1109(b), all creditors have the right to be heard in court. In the end, the court will determine the effects of Chapter 11 on the business.
Contact an Attorney to Learn About Your Options
If you are considering Chapter 11 bankruptcy, speak with a Port St. Lucie bankruptcy attorney from Crary Buchanan today. We have more than 85 years of experience serving the local community. Together, we can help you seek a better financial future. To learn more about your legal options with our team, fill out our online form to schedule your first case evaluation.