Folsom Chapter 11 Bankruptcy Attorney
Chapter 11 bankruptcy, which is also called “reorganization bankruptcy,” has helped thousands of businesses and individuals recover from insolvency and regain financial stability. If you or your business is struggling financially, whether due to the unanticipated loss of a job, a family member’s medical emergency, or simply difficult economic circumstances that have created challenges for your company, it may be worth discussing Chapter 11 bankruptcy as a potential remedy. With careful, strategic guidance from a knowledgeable and experienced California bankruptcy attorney, like the Folsom Chapter 11 lawyers of The Bankruptcy Group, reorganization bankruptcy can empower you to restructure your debts into manageable payments, relieving the pressure while allowing you to retain valuable assets and continue operating your business.
At The Bankruptcy Group, our respected and trusted team of attorneys has already helped numerous clients restore their financial strength through strategic personal bankruptcy, including Chapter 11 for business owners, married couples, and high net worth individuals. Serving Folsom, CA and the surrounding communities, our legal team is committed to helping debtors develop thoughtful, effective, and goal-oriented reorganization plans that allow our clients to pay off their debts, get financial relief, and emerge from bankruptcy successfully. We will work tirelessly to ensure that your best interests are protected at every step of the bankruptcy process, while keeping you in compliance with complex federal bankruptcy laws.
Don’t let debt destroy your business or your savings without exploring the financial alternatives. For a free legal consultation about filing for Chapter 11 bankruptcy in California, contact the Folsom Chapter 11 attorneys of The Bankruptcy Group online, or call our law offices right away at (800) 920-5351.
What is Filing for Chapter 11 Bankruptcy (Reorganization)?
There are three primary categories of bankruptcy: Chapter 7 bankruptcy, Chapter 13 bankruptcy, and Chapter 11 bankruptcy. The first two are more common, particularly among individual debtors, who rarely use Chapter 11, which is more typically used by businesses aiming to avoid closure and continue operating while restructuring debts owed to multiple creditors.
Though uncommon, there are some situations where Chapter 11 is more beneficial for an individual debtor than the alternatives of Chapter 7 or Chapter 13. Chapter 11 may be the right filing option if both of the following facts are true:
Your disposable income exceeds federal thresholds for Chapter 7, as determined by means testing.
Your secured debts, such as home mortgages, and unsecured debts, such as medical bills, exceed federal thresholds for Chapter 13.
If these statements describe your situation, individual Chapter 11 could be the appropriate bankruptcy option, depending on your financial goals, the income you can allocate toward a reorganization plan, the timing of your case, and other factors that must be evaluated by an experienced bankruptcy attorney in Folsom. At The Bankruptcy Group, our attorneys handle all types of bankruptcy cases, and will analyze your debts, assets, and long-term objectives to help you make an informed and sound decision.
If you obey the rules of the bankruptcy court, follow the federal bankruptcy procedures, file your bankruptcy documents in a proper and timely fashion, and consistently adhere to your plan of reorganization, which allows you to keep assets and continue running your small business while gradually paying off creditors, you will be on the path toward a bankruptcy discharge, which eliminates various debts remaining in your plan. However, if you make an error or conceal financial information from the court, such as the existence of bank accounts or other hidden assets, your case may be dismissed, leaving you unaided with your debts. To comply with the law while making incisive and strategic financial decisions, is critical to have legal guidance from a careful and skilled Chapter 11 attorney in Folsom.
Folsom, CA Chapter 11 Attorneys for Small Business Owners
The Folsom bankruptcy attorneys of The Bankruptcy Group have spent years helping small business owners like yourself take financial control through strategic Chapter 11. Whether your business is structured as an S corporation, a C corporation, a limited liability company (LLC), or another type of business entity, Chapter 11 bankruptcy can give you the time and space to pay off your debts while maintaining control over major business decisions. When your case is managed by an effective attorney, reorganization bankruptcy creates invaluable opportunities to protect at-risk assets, extend the life of your business, and ultimately, discharge or wipe out remaining debts at the end of your reorganization plan. Additionally, the automatic stay in Chapter 11 can protect you against debt collection efforts, including lawsuits, while the bankruptcy is in progress.
While Chapter 11 offers numerous benefits under the appropriate circumstances, debtors are required to obey strict and complicated government regulations, and furthermore, must negotiate skillfully with lenders and creditors to prepare for reorganization. Before you confront these obstacles, make sure you are represented by an aggressive and knowledgeable attorney who is well qualified to handle complex reorganization cases like yours. To learn more about the California Chapter 11 bankruptcy legal services our Folsom reorganization lawyers offer at The Bankruptcy Group, contact us online today, or call our law offices at (800) 920-5351 for a free bankruptcy consultation about filing Chapter 11 in Folsom, CA.