Filing business bankruptcy
The recession and credit crunch have taken a toll on many New York businesses. If you are a retailer, manufacturer, restaurant, corporation, real estate investor or any other type of company who is struggling with debt, and have a viable business that is worth saving, chapter 11 bankruptcy may be the best solution. It will allow you to submit a plan of reorganization, and if approved, to repay your creditors over time.
While individual consumer debtors may also file a chapter 11 case, chapter 11 filings are more costly and complicated to prosecute, and therefore tend to be utilized primarily by business and high income debtors.
Chapter 11 bankruptcy lawyer Rachel Blumenfeld can help
New York bankruptcy attorney Ms. Blumenfeld has successfully handled bankruptcy cases for many New York businesses. Experienced, knowledgeable and effective, Rachel Blumenfeld understands that financial problems can cause worry and anxiety. She provides the legal counsel you need to navigate the intricacies of chapter 11 bankruptcy and the understanding to guide you through a stressful time.
If you are considering filing business bankruptcy
If your business is behind in payments to vendors, in arrears for sales, income or property taxes, or is finding it difficult to pay your rent or lease obligations, contact chapter 11 bankruptcy attorney Rachel Blumenfeld to find out if filing business bankruptcy can help you reduce and reorganize your debts.
Benefits of filing a chapter 11 proceeding:
• It gives you (debtor) a 6 year payout period on existing debt.
• Chapter 11 allows you to reduce and even eliminate most tax penalties.
• It stops collection actions and lawsuits.
• It can release the debtor from certain leases.
• It offers new lenders Debtor In Possession (DIP) protection which guarantees payment.
• You can sell assets free and clear of liens.
In some cases, chapter 11 can also benefit individual filers. If you have substantial assets to protect, secured and unsecured debt over the chapter 13 limits, or circumstances where a creditor vote to extend payments over time would be beneficial, chapter 11 may be appropriate.
In order to file a chapter 11 bankruptcy petition, you must be prepared to attend status conferences, pay secured debt claims and rents on-time, file operating reports each month and pay all court administrative costs.
Chapter 11 bankruptcy lawyer Rachel Blumenfeld is a passionate defender of her client’s rights and will ensure that your business interests are protected. Her sympathetic style helps to put you at ease so that you can focus on getting your business back on track.
Contact our chapter 11 bankruptcy lawyer today
If you are a New York business and are considering filing business bankruptcy, call 718-858-9600 to schedule your free, 30 minute, no obligation initial consultation.
Providing bankruptcy advice in: New York City • Brooklyn
We are a debt relief agency. We help people obtain relief under the Bankruptcy Code.