Chapter 11 Bankruptcy Attorney
in Barrington, Illinois
With more than 40 years of experience, John H. Redfield is a former bankruptcy attorney and trustee who can help with your Chicago Chapter 11 Bankruptcy
A Chapter 11 bankruptcy can resolve tax debts, supplier debts, mortgage debts, or prevent the loss of real property or a business
Your attorney can help reorganize your debt when you file for a Chicago Chapter 11 bankruptcy
Single asset real estate cases also fall under the Chapter 11 bankruptcy umbrella
Your lawyer will help you determine if a Chicago Chapter 11 bankruptcy is the best option for you
While Chapter 11 bankruptcy cases are complicated and often expensive, they still may present the best option for an individual or business seeking to reorganize debt, prevent the loss of real property, or resolve tax debts. Indeed, a Chicago Chapter 11 bankruptcy offers many a chance for a fresh financial start, but the first step is speaking with a qualified attorney to determine if this is your best course of action.
John H. Redfield has more than four decades of experience serving the Chicago metro area, including Palatine. As a former CPA and bankruptcy trustee, John H. Redfield has a unique perspective on these complicated bankruptcy cases and will use his experience to make the Chapter 11 process as simple, painless, and affordable as possible.
You can speak with a qualified attorney today about whether a Chapter 11 bankruptcy is right for you. Simply fill out our online form, or call our office at (847) 382-1220. We work with individuals, homeowners, and business owners who are eager to get a fresh start financially, so call us today and find out how you can lay a new foundation for a more promising future.
How a Chapter 11 Bankruptcy Can Help You
Chapter 11 bankruptcy can help you resolve tax debts, supplier debts, mortgage debts, or even prevent the loss of your real property or business. Both individuals and businesses can file for Chapter 11, making this an appealing option under certain circumstances.
When you file for this variety of bankruptcy, your attorney works directly with your creditors to reorganize your debt. However, it’s important to note that these cases are complicated because formulating a plan of reorganization and obtaining first-day orders is time-consuming.
Filing for Chapter 11 can also be quite expensive because of its labor-intensive nature. The business is also required to file monthly financial operating reports with the courts during the pendency of the case, and a detailed disclosure statement must accompany the plan of reorganization.
Single Asset Real Estate Cases and Chapter 11
Also falling under the Chapter 11 bankruptcy umbrella are single asset real estate cases. If substantially all of a debtor’s gross income is generated by one real estate development, then you would be considered a single asset real estate case. These cases trigger additional rules, so it’s vital that you discuss your situation in detail with your bankruptcy lawyer.
Understanding the Creditor’s Role in Chapter 11
Creditors may assist in the formulation of your reorganization plan, so their role in a Chapter 11 bankruptcy is significant. If two-thirds of all the classes of creditors reject the plan of reorganization, then obtaining a cram down will be necessary to obtain the court’s approval.
With a Chapter 11 proceeding, you will have to supply information to your creditors, possibly including a projection of future income, a history of the company’s finances, and a liquidation analysis.
The bottom line is your business’s bottom line, so if you’re struggling financially you deserve to work with an experienced attorney who can help you make informed decisions and get back on track.
Get Personalized Care from A Chapter 11 Bankruptcy Attorney
Reorganizing your debt may be your best solution, but it’s vital that you speak with a qualified bankruptcy lawyer who can help you determine if this course of action is right for you or your business. Because of the complexity and expense involved in a Chapter 11 case, there may be alternatives that an attorney can offer that will ultimately prove more appealing.
We understand that filing for any bankruptcy can be stressful, but keeping focused on the end result, and a more promising future, will help alleviate some of this. We make it a priority to listen to your needs, answer your questions, and break down the details of your situation, in order to make the best decisions possible every step of the way.
We treat each case with the dedication and attention it deserves. John H. Redfield also handles your bankruptcy case exclusively, so you never have to worry about dealing with a recent law school graduate or paralegal. Indeed, you will get personalized care from a professional Chicago attorney with more than 40 years of experience.
Contact Our Chicago Law Office Today for A Consultation
If you’re looking to reorganize your debt via a Chapter 11 bankruptcy, we are ready to answer your questions and provide you with a consultation designed to help you determine your best course of action. We represent clients all over the Chicago metro area, offering dedication and experience in the often complex bankruptcy law arena.
You will likely be faced with some difficult decisions, so there is no substitute for quality legal representation when considering bankruptcy. John H. Redfield offers more than four decades of experience as a bankruptcy attorney and trustee – real-world experience that will help ensure you get sound legal advice when you need it most.
If you would like your own consultation, please call our Chicago office, or fill out our online form, and let us help you ascertain if a Chapter 11 bankruptcy is right for you or your business. We will answer your questions and provide you with alternatives designed to help you establish a solid financial footing. When it comes to bankruptcy, there is no substitute for experience, so work with an attorney who concentrates on this complex area of the law.
Subchapter V of Chapter 11 of the Bankruptcy Code
Recently, the United States Congress passed Subchapter V of Chapter 11 of the bankruptcy code to simplify the reorganization of a small business. Currently, to qualify for subchapter V, the business may not have more than 7.5 million dollars ($7,500,000) of qualified debt. It also cannot be a single asset real estate (“SARE”) case.
Under Subchapter V, the Debtor must file a reorganization plan (“Plan”) with cash flow projections in three (3) months after the filing date of the case. In addition, a trustee will be appointed to assist the debtor in filing a Plan, and to report to the court regarding the debtor’s progress. Upon filing, the debtor continues to operate its own business as debtor-in-possession. The debtor is required to file monthly reports with the United States Bankruptcy Court regarding its monthly income and expenses and other matters.
Creditors vote on whether to accept the Plan. However, the court may confirm the Plan even though it is not accepted by creditors after a hearing. A subchapter V case is less complicated than a regular chapter 11 case, requires less disclosure and is easier to confirm; however, it moves quickly. The Debtor’s attorney must be an experienced attorney in cases filed under Chapter 11.