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Palatine IL Chapter 11 Bankruptcy Attorney

Experienced Palatine IL Chapter 11 Bankruptcy Attorney Provides Debt Relief for Businesses
Chapter 11 cases are most commonly filed by corporations, partnerships, and limited liability companies, but it is possible for individual consumers to file for Chapter 11 if they have too much debt or income to qualify for Chapters 7 and 13. Chapter 11 bankruptcies involve the formulation of reorganization plan that is submitted sent to creditors who then vote to approve or disapprove.Plans that are approved by creditors and the court are confirmed and all debt is discharged except the debt which is provided for in the plan. It is a binding arrangement for both debtors and creditors, but creditors are given the opportunity to dispute any debt discharge.

Chapter 11 can be more complicated, more expensive, and more time-consuming, which is why it is so important to work with an experienced bankruptcy attorney. This type of bankruptcy, though, is also relatively flexible and as long as the debtor is able to get the needed support for a plan and follow through on fulfilling it, reorganization can be a success.

Businesses and individuals enjoy many advantages when they file for Chapter 11. Businesses can continue to operate and there is usually no trustee appointed in the case. Filing for Chapter 11 also can help you resolve tax debts, supplier debts, mortgage debts, or prevent the loss of real property or a business. However, the bankruptcy court does gain control over major decisions, including:

• Sales of any assets, except for the usual sale of inventory for retail debtors
• Leases of real and personal property
• Ending or expanding operations
• Mortgages and other secured financial arrangements that allow for the borrowing of money
• Union, vendor, licensing, and other contract agreements
• Retention of and payment of fees and expenses to attorneys and other business professionals

Working with a Palatine IL Chapter 11 Bankruptcy Can Help Your Business

Filing for Chapter 11 enables you to reorganize or restructure your business’s financial affairs. Your Chapter 11 plan becomes a contract between your business and its creditors and details how your business will operate and pay its obligations in the future.

In most cases, Chapter 11 bankruptcy leads to downsizing in an effort to reduce expenses and free up assets that can be used to pay toward debt. These liquidation plans can be proposed to make the total shutdown of operations and the sale of the business’s remaining property as organized as possible.

Contact an Experienced Palatine IL Chapter 11 Bankruptcy Attorney for Advice about Your Situation

If you believe Chapter 11 bankruptcy is right for you or your business, John Redfield can help. John has more than four decades of experience in Palatine and the Chicago metro area. As a former CPA and bankruptcy trustee, he brings a unique perspective to the bankruptcy process and can use his experience to make the Chapter 11 process as simple, painless, and affordable as possible.

If you have questions or would like to schedule a consultation with John, contact him at 847-382-1220.

John Redfield, Palantine IL Bankruptcy Attorney

 

John H. Redfield and Associates is ready to help you get relief from the burden of uncontrollable debt, so contact a bankruptcy attorney today for your own personal consultation.