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The chapter 11 Bankruptcy is for businesses and individuals (if secured debts are over $1,000,000). It is typically used for business bankruptcy and restructuring a business that has current and future profitable business units. You are allowed to continue to operate your overall business while it is in Chapter 11, although it is done so under the supervision of the Bankruptcy Court and its appointees.
Individual consumers can also use chapter 11 bankruptcies but it is far more complex and expensive to pursue. There would also be administrative burdens. The ultimate purpose is to allow you to reorganize yourself, giving you an opportunity to restructure debt and get out from under certain burdensome leases and contracts.
As an experienced New York Chapter 11 Bankruptcy Attorney, we have many ways to formulate a plan and are experts in complying with the requirements and limitations of the Bankruptcy Code within the New York bankruptcy courts. With over 20 years in Chapter 11 Bankruptcy experience, The The Law office of Jeffery L. Weinstein, P.C. can help you file a chapter 11 bankruptcy in New York with confidence in this sensitive time for you or your business.
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Contact Mr. Weinstein by calling 212-693-3737 for a free consultation to learn more about how our experienced Chapter 11 Bankruptcy lawyers can help you. We can help you decide which bankruptcy filing plan is best for you.