Chapter 11

Thinking About Chapter 11

“Business Reorganization”

Chapter 11 Bankruptcy

Individuals and married couples can file three different chapters of bankruptcy: the most well–known being Chapter 7 and Chapter 13. Chapter 11 Bankruptcy, sometimes referred to as a “Business Reorganization” Bankruptcy, is mostly utilized by businesses, but can also be filed by an individual whose debts exceed the limits of a Chapter 13 Bankruptcy. This allows the business to continue operations while a repayment plan is developed, as there are no debt limits in Chapter 11.

Chapter 11 For Business

When a business files a Chapter 11 Bankruptcy, the assumption is that the value of the business after reorganization will be higher than selling off the assets. A Chapter 11 filing will allow a business seeking Bankruptcy protection to continue to operate while reorganizing its financial affairs.

Chapter 11 For Individuals

When a business files for Chapter 11 Bankruptcy, the assumption is that the value of the business after reorganization will be higher than if its assets were sold off. Chapter 11 bankruptcy allows a business seeking protection to continue operating while restructuring its financial affairs.

How is a Chapter 11 different from a Chapter 13?

Individuals, married couples, corporations, partnerships, and other types of business entities can file for Chapter 11 bankruptcy.

Chapter 13 bankruptcy is only available to individuals and married couples, and is designed to provide bankruptcy protection for those who need it, rather than businesses. The Bankruptcy Code requires a Chapter 13 Plan to last 3 to 5 years, depending on the filer‘s income. In contrast, Chapter 11 bankruptcy is less structured and may last a shorter or longer time.

Creditors in Chapter 13 bankruptcies do not have a vote, as they do in Chapter 11 bankruptcies. However, they can object to the confirmation of the plan, and the court can approve it if some of the filer‘s disposable income will be used to make payments to unsecured creditors.

At Saunders & Associates, we prioritize our clients and strive to exceed their expectations by leveraging our combined knowledge and experience. Let us help you every step of the way.

Memberships

The Process To Getting Started

Review Your Case

Whether you are an individual or business owner. We have a legal strategy and solution that will resolve your matter.

Execute Fee Agreement

Submit all requested documents and Fee Agreement to establish attorney-client relationship.

Vigorously Represent You

Once you become a client, we will vigorously fight for you, to negotiate your desired outcome.

Best Efforts Resolution

Once desired outcome is achieved, supporting documents will be emailed to you. The benefit of having the right law firm on your side.

SCHEDULE A FREE CONSULTATION TODAY

Get In Touch

Foreclosure Form LP 02 (#8)

Our Clients Say

Sara M
- Foreclosure Client

Very helpful from the beginning. They answered all my questions and were great at helping me save my home from foreclosure. I highly recommend this law firm.

Michael A
- Litigation

I was in need of an experienced attorney who knows litigation. I was very happy with the service and the results. I was notified about the each step and what was happening. The client portal is a great tool to be able to access and upload.

S. Landsbrook
- Foreclosure

Had to separate legal issues to deal with. First, the foreclosure I was going through was resolved after trying other companies, no one could help. After that was resolved I had a living trust which needed to be created. Everything went smooth.

Nathan Skaggs
- Litigation

I contacted Saunders & Associates and asked them about some personal matters I was dealing with. They helped me promptly. I am so glad I reached out.

C. Teitelbaum
- Foreclosure

The Saunders group not only saved my home and got me a low interest long term modification, they saved me $200,000 in the process. They are the pinnacle at what they do, and they do what they say!