Chapter 11 Business Bankruptcy
Chapter 11 Bankruptcy Attorney in Queens
What is Chapter 11?
Chapter 11 is a form of reorganization primarily utilized by businesses, though it is sometimes use by individuals who qualify based on their amount of debt. It can also be called “corporate bankruptcy” or “reorganization bankruptcy.”
If a business is facing insurmountable debt, it may be able to file for protection under Chapter 11. During the process, the debtor can operate as a “debtor in possession,” which means that they act as a trustee of the business and remain in control of its operations. The debtor can work towards becoming profitable again while undergoing financial restructuring and repaying debt. Restructuring may include accepting loans from new lenders or canceling unfavorable contracts.
Another benefit to Chapter 11 is that “automatic stay” is invoked the moment the bankruptcy process begins. This means that the business is protected from creditors attempting to collect money, as well as litigation, as long as the automatic stay is imposed.
Chapter 11 can take anywhere from a few months to several years depending on the complexity of the case. If you want to find out more about the Chapter 11 process and how it may help you and your business, contact a Queens bankruptcy attorney. The firm can help determine if you are eligible to file for Chapter 11, or work with you to find a suitable plan of action.
Find a Chapter 11 Bankruptcy Attorney in Queens
The Law Offices of Bruce Feinstein, Esq. have years of Chapter 11 experience, as well as an impressive list of successful bankruptcy cases to support their strong reputation. As a member of both the Queens County and Nassau County Bar Associations, Bruce Feinstein, Esq. can help you manage your debt and get back in control.