Long Island Chapter 11 Bankruptcy Attorney

Providing Relief to Businesses in Queens, Nassau, and Suffolk Counties

Chapter 11 bankruptcy is typically used to reorganize a business, whether it be a corporation, sole proprietorship, or partnership. Businesses can generally avoid major disruptions and continue to conduct normal operations while seeking this form of relief. Individuals can also sometimes file for Chapter 11 bankruptcy if they do not qualify for Chapter 7 or Chapter 13 relief. 

Our Chapter 11 bankruptcy lawyer has over 30 years of legal experience and can help you develop a reorganization plan that maximizes available relief. We are invested in the long-term success of your business, and our team can guide you through each step of the process and provide you with the advocacy you need to succeed. If you own a small business experiencing financial difficulties, we can also determine if you qualify for expedited procedures under Subdivision V of the Bankruptcy Code. 

Bankruptcy is not the end – it is a new beginning. Schedule a free initial consultation with Richard S. Feinsilver by contacting us online or calling (516) 268-0122.

 

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How Chapter 11 Bankruptcy Works for Individuals

In most cases, individuals should only consider filing a Chapter 11 bankruptcy petition if they do not qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy. This can occur if an individual still has reliable income sources and when their total debt exceeds Chapter 13’s statutory limits. In these cases, Chapter 11 may be the only option for seeking relief.

Real estate investors can also use Chapter 11 bankruptcy to rewrite their mortgages. If a property’s current fair market value is lower than your principal balance, Chapter 11 allows you to reduce what you owe to the current value of the property. If you owe $450,000 on a piece of real estate, for example, but the property is currently only worth $350,000, your principal balance can be reduced to $350,000. Chapter 11 can also allow for modifications of interest rates and extensions of loan terms by up to 30 years, consequently reducing monthly payment obligations.

When filing for Chapter 11 bankruptcy as an individual, the process will work similarly to that of Chapter 13 bankruptcy. You will submit and confirm a repayment plan that reorganizes all of your debts into a single monthly payment tied to what you can currently afford to pay. Unlike Chapter 13 bankruptcy, you will not receive protection through the automatic stay. There is also no limit on the duration of your plan, potentially giving you more flexibility. Keep in mind that certain priority debts, including tax debt and spousal support payments, must be paid in full within certain time limits even if you receive bankruptcy relief. Creditors also have the ability to submit their own proposals if they are not satisfied with your reorganization plan.

Upon completing your repayment plan, you will generally be permitted to discharge any remaining unsecured debts. This includes credit card debt, medical bills, personal loans, and unpaid utility bills. 

Our Long Island Chapter 11 bankruptcy lawyer is committed to helping you explore all available debt relief options. Whether your business is struggling to manage its obligations or you are an individual with debts that exceed Chapter 13 limits, we can provide the seasoned guidance you need to navigate what can be a complex and overwhelming process. We will work closely with you to help you understand what Chapter 11 reorganization entails and what results you should expect.

We offer our legal services in English and Spanish, and payment plans are available. Contact us online or call (516) 268-0122 to discuss your case with our team at Richard S. Feinsilver.

How Chapter 11 Bankruptcy Works for Businesses

The Chapter 11 bankruptcy of a corporation does not put the personal assets of the stockholders at risk other than the value of their investment in the company’s stock. A sole proprietorship, however, does not have a legal identity that is separate and distinct from its owner. Consequently, a bankruptcy case involving a sole proprietorship includes both the business and personal assets of the owner. 

While a partnership is a legal entity that exists separate from its partners, a Chapter 11 bankruptcy can sometimes require that partners’ personal assets be used to pay creditors. This can force individual partners to separately file for consumer bankruptcy relief.

You will generally be able to continue normal business operations throughout your business’s Chapter 11 bankruptcy. The process involves creating and submitting a plan that restructures your company’s assets, debts, liabilities, and leases. Your creditors and the bankruptcy judge assigned to your case will scrutinize your plan. Creditors may submit counterproposals if they do not believe the presented plan is fair.

The goal of a Chapter 11 reorganization is to reposition a business’s financial circumstances so it may continue to operate and thrive. Elements of a plan may include a reduction of interest rates, adjustments of payment due dates, and even the elimination of certain types of debt.   

Many small businesses have historically avoided Chapter 11 bankruptcy due to the expenses and risk involved. Expedited proceedings were introduced to accommodate smaller businesses needing relief under Subdivision V. Our Long Island Chapter 11 bankruptcy attorney can determine if you qualify for these accelerated and cost-efficient options. No matter your business’s size, we can help you prepare a reorganization plan and field any objections from creditors or the bankruptcy court. 

  • “Mr. Feinsilver is a caring, highly experienced attorney who helped me during the worst financial nightmare of my life” - Anonymous
  • “You are put at ease from the minute you meet him.” - Dorothy M.
  • “He counseled me on what is in my best interest.” - Jessica A.
  • “There is no judgment, no condescending comments-only compassion, reassurance, and, most importantly, education.” - Anonymous
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  • “He resolved this in one day.” - William R.
  • “Handled my situation with respect and dignity.” - Anonymous
  • “Would recommend him to anyone trying to get over a chapter 7 bankruptcy.” - Anonymous
  • “Richard Feinsilver is the person to help you get over it.” - Thomas C.
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