Chapter 11 Bankruptcy

Business and Individual Reorganization

     There are many reasons to file Chapter 11 and if the case is done properly and timely Chapter 11 can be the most beneficial move a business can make or in some situations it may be the only way to save an otherwise doomed business.
     Chapter 11 cases are filed for many reasons but some of the most frequent situations involve stopping foreclosures on valuable property, restructuring debt over a longer period of time to trim immediate expenses, or to cure tax debt over time.
     Generally speaking, a Chapter 11 is a reorganization of your financial affairs without borrowing any money. It may allow you to stop foreclosures, repossessions, tax levies, IRS seizures, and other creditor actions, by allowing you to set up a court enforced repayment plan. Immediately upon filing, the court will order an automatic stay against your creditors, to allow you some breathing time to concentrate on operating your business, and restoring its profitability and cash flow.  
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Bankruptcy Litigation

Plaintiff or Defendant Adversary Complaints

     Bankruptcy can get complicated.  Every bankruptcy case is not created equal.  Do not get fooled with a flat fee quote that sounds too good to be true.  Most bankruptcy attorneys do not actually handle bankruptcy litigation or complex bankruptcy matters.  If your file gets to complicated you may be on the hunt for a new attorney.  At our office we handle ALL aspects of bankruptcy, including complex bankruptcy litigation.  Read More>>
    

Assignment for the Benefit of Creditors

State Court Business Liquidation

     Assignment for the Benefit of Creditors (“ABC”) is the Florida court equivalent of a Chapter 7 bankruptcy for businesses with unique financial difficulties, with one important difference, the Assignee may elect to continue to operate the business for a period of time.  This difference allows the Assignee the opportunity to sell the business as a “going concern.”   ABC’s are generally less complex than a Chapter 7 bankruptcy, and usually offer more flexibility. They require that a company’s assets be assigned to an assignee of the company’s choosing, which often times leads to a smoother transaction than a Chapter 7 would offer.  The Assignee is charged with administering the assignment estate for the benefit of creditors pursuant to Chapter 727 of the Florida Statutes.

Personal Bankruptcy

     Chapter 7 bankruptcy is usually referred to as liquidation bankruptcy.  Chapter 7 allows you to get rid of your unsecured debts, like credit cards, without the need for a repayment plan.  There is a catch however.  You are only allowed to keep a certain amount of property when you file Chapter 7, exempt property.  In a lot of cases people get to keep everything and simply get rid of all of their debt. 

     Chapter 13 bankruptcy is referred to as the debt restructuring bankruptcy.  Chapter 13 allows individuals to restructure their debts to better suit their income over a 36 to 60 month plan.  Based upon your income you may have to pay 0% to 100% back to your creditors.  Either way the debt is paid back with no penalties or fees.  So when you file the debt will stop growing.  Chapter 13 is also the best way to save a home from foreclosure.  It allows you to catch up any past due amount over a 36 to 60 month period.  Chapter 13 also allows you to change your car payment schedule and payment as well. 

Chapter 7 and Chapter 13 Bankruptcy

Chapter 12 Bankruptcy

Farmers or Fishermen Reorganization

     Chapter 12 bankruptcy is a relatively new subset or type of bankruptcy.  It is only available to family farmers or family fishermen.  Designed as a response to difficulties suffered by farmers and fishermen in the 1980s, it is very similar to Chapter 13, but provides more flexibility in making periodic payments to take into account the seasonal nature of many farming or fishing operations.  Similar to Chapter 13, the farmer or fisherman proposes a repayment plan that lasts 3 to 5 years.