Chapter 11 Bankruptcy Attorney in West Palm Beach, FL
Chapter 11 bankruptcy in West Palm Beach, FL, offers debt relief for businesses and select individuals. Also known as reorganization under bankruptcy law, Chapter 11 is a form of business bankruptcy usually employed by corporations or partnerships, although businesses or individuals can also manage their debt with Chapter 11.
Also known as reorganization bankruptcy, Chapter 11 is used by businesses to control their debt and manage their finances when they aim to keep their businesses open and alive. With the assistance of an experienced Chapter 11 bankruptcy attorney in West Palm Beach, FL, debtors filing for Chapter 11 create a new repayment plan to reorganize their debt by means of a repayment schedule. This schedule details the terms of payment to creditors over a certain period of time to cover all debts incurred by the business.
Because Chapter 11 involves a reorganization of the finances in a business rather than the liquidation of its assets, Chapter 11 business bankruptcy allows corporations, partnerships, and sole proprietorships in debt to maintain their property and business while managing their finances.
Debtor in Possession
Just as in Chapter 7 bankruptcy, Chapter 11 is initiated when the debtor files a petition with the bankruptcy court. This petition includes the following:
Statement of Financial Affairs
Schedule of Assets and Liabilities
Schedule of Current Income and Expenditures
Schedule of Executory Contracts and Unexpired Leases
The debtor who files for Chapter 11 bankruptcy maintains possession and control of the assets while undergoing a reorganization of finances, and thus is known as the “debtor in possession.” As the debtor in possession usually operates the business in debt and executes many of the functions that the bankruptcy trustee is responsible for in other types of bankruptcy, a trustee is generally not appointed in Chapter 11 cases, except under certain circumstances. The reorganization plan detailing the terms of repayment for the debtor must be pitched to creditors in bankruptcy court and the creditors must approve the reorganization.
Business Bankruptcy in West Palm Beach, FL
Small business bankruptcy is very similar to personal bankruptcy. However, in the case of corporations and other similar large businesses, the business is an independent legal entity and the assets of the business owner are separate from those of the corporation. Thus, the owner is protected from liability and his or her assets are not considered with the bankruptcy of the business. Getting the assistance of a bankruptcy law firm near you will help to keep your affairs in order.
The law office of
Michael A. Kaufman, P.A.
Mr. Kaufman is a licensed attorney whose experience extends throughout many aspects of bankruptcy law. He has handled both personal and corporate cases involving Chapter 7 liquidation, chapter 11 corporate reorganizations, discharge of debts, automatic stays, consolidation of debts, and organizing assets and payment plans. He has also handled negligent claims, real estate claims, and contractual matters.
See why The Law Office of Michael A. Kaufman, P.A. is one of the highest-rated bankruptcy attorneys in West Palm Beach.
Very professional and smart, Mr. Kaufman helped me avoid losing money to my trustee because I made a large payment to an insider after ignoring his advice and he still helped me fix it, the trustee even complimented him for “being a smart lawyer” and after hearing 20 other people’s cases on the day of my 341 hearing I realized I definitely had the best lawyer around. I hope I never have to file bankruptcy again but if I did there’s no doubt in my mind I’d rehire Michael Kaufman. I also want to add he was very affordable.
I was stressing over a Credit Card lawsuit, and I called Michael Kaufman, P.A. I explained the situation and he took control and got me a favorable outcome.
His staff was helpful and very professional. Mr. Kaufman was very understanding and really helped me during a difficult time.
I highly recommend Michael A. Kaufman, P.A.
I give Mr. Kaufman a 5 star rating because I am very impressed with his over all handling of my case which was very efficient. He is very confident and informative, always let me know what to expect next, I never felt like I was left out in the dark. In fact, as soon as I talked to him I knew he was going to take care of everything and that was a load off my mind. His easy going manner made it easy to ask questions and I might add, he knew the answers to everything I asked. Thank you Mr. Kaufman for taking care of my case in such a way that you made it look easy, which I never would have believed when I began.
When you need the services of a lawyer in West Palm Beach, FL, don’t look further than the office of Michael A. Kaufman. We’ll start by providing you with a free initial consultation, letting you ask any questions you have about our services and pricing.