Chapter 11 Bankruptcy Attorneys in Southfield MI, Helping Clients Rebuild Their Future
Chapter 11 Bankruptcy provides for reorganization, typically involving a partnership, corporation, or limited liability companies. A Chapter 11 debtor will propose a plan of reorganization in an effort to keep its business active and pay creditors over time. A Chapter 11 bankruptcy case is most often referred to as a “reorganization” bankruptcy. Chapter 11 relief is not only afforded to partnerships or corporations, it is also available to Individuals in business. Individuals can file under Chapter 11 if they have too much debt or income to qualify under Chapters 7 and 13.
Most often than not, Chapter 11 cases are voluntary. In this case, the debtor seeks bankruptcy relief. Debtors file for Chapter 11 protection where their primary place of business is located. It is common practice for individual debtors to file Chapter 7 or 13, when possible, to avoid the higher cost and risk involved in a Chapter 11 proceeding.
We handle Chapter 11 cases near and beyond Southfield MI, and neighboring cities throughout Oakland County. Contact us today and let’s get started!
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EXPERIENCED CHAPTER 11 BANKRUPTCY LAW FIRM
I Highly Recommend Brett Border
Brett was able to help me move through one of the most difficult times of my life. Filing bankruptcy due to health issues out of my control was devastating however every interaction with Brett, was reassuring that things would get better! He is very knowledgeable and I loved that it was actually him that returned my calls. I appreciated the fact that he always treated me with the utmost respect. I highly recommend Brett Border
Knowledgeable, professional and compassionate!
Mr. Border represented me in my Chapter 7 Bankruptcy after my divorce. He was very knowledgeable of the law and explained what was happening during every step of the process. He was very supportive of my personal situation and helped me feel at ease during a scary time in my life.
Chapter 11 Bankruptcy Law Firm Specializing in Bankruptcy Protection in Michigan
The main benefit of a Chapter 11 proceeding is that the debtor can continue with business operations. Typically, no trustee is appointed. The debtor will continue and operate their business in the ordinary course, as the “debtor in possession.” However, keep in mind if the bankruptcy court finds enough cause, they can appoint a trustee to take over operations from the debtor. Cause can include dishonesty, fraud, and gross mismanagement of the debtor’s affairs.
In a Chapter 11 bankruptcy case, the court will have control over major decisions. Although the debtor continues in business after filing for bankruptcy protection, it will lose control over major decisions such as: sale of assets, breaking or entering into the lease of real or personal property, shutting down or expanding business operations, and more!
Furthermore, creditors and other parties in interest can support and/or oppose actions that require bankruptcy court approval. Most often, the bankruptcy court will consider input from creditors in making decisions on how to proceed. In regard to unsecured creditors, they usually participate in the bankruptcy proceeding, through a committee that is appointed to represent their interests. This committee can retain other professionals and lawyers to assist, often at the debtor’s expense. To start a Chapter 11 proceeding with the United States bankruptcy courts, a petition must be filed with the bankruptcy court serving the area where the debtor has residence. The petition may be involuntary (filed by creditors) or voluntary (which is filed by the debtor).
There are some considerations to keep in mind when filing for Chapter 11 bankruptcy. For example, an individual cannot file for Chapter 11 protection, if during the preceding 180 days, a prior bankruptcy case was dismissed because of the debtor’s failure to comply with orders of the court, or was voluntarily dismissed after creditors pursued relief from the bankruptcy court to recover property upon which they hold liens.
Do you have questions regarding bankruptcy? We can help!
Is your medical debt at levels where you can never pay it?
Are you juggling your credit card debt?
Our Bankruptcy Law Firm Can Help You Gain a New Financial Start, Including:
Keep Your Home and Car
Our lawyers can assist you in keeping your vehicle and home residence! In addition to eliminating your financial obligations, in many cases, you can keep your home, car, and personal belongings.
Have you received a notice that a garnishment of your wages will soon begin? Or are your wages currently being garnished? Our bankruptcy law firm can help eliminate garnishments, so that your current earnings can be better spent!
In most situations, many bills can be completely eliminated without payments to your creditors including: credit cards, pay-day-loans, law suits, medical bills, foreclosure deficiencies, utility bills, etc.
Stop Creditor Harassment
Are creditors calling you at work and your home? Do they contact your family members as well? If so, then it’s time to call our knowledgeable attorneys to help stop harassment by creditors! In some cases, creditor harassment can even be in violation of the Fair Debt Collection Practices Act. This affords individuals some cause for additional action against creditors.
Prevent Utility Shutoff Notices
If you are you worried that your utilities may be shut off, then you should contact our legal experts today! We work with our clients to halt creditors from shutting off utility service to your residence. We will get started right away to to prevent disruption in your utilities. Call today before it’s too late!
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Why Choose Border Law PLLC?
In the field for more than 15 years, I have in-depth knowledge on all sides of debtor and creditor laws. My experience has allowed me to work with debtors, mortgage companies, and trustees. As a result, I have built a stellar reputation in the community and with the judicial system.
My goal is to use my knowledge and expertise to provide a stress-free and smooth experience for the individual or business facing bankruptcy. I can pave the way for debt relief and help clients get the fresh start.
Learn More About Personal Bankruptcy - Visit Our Blog!
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The Law Office of Brett Border, PLLC
24725 West 12 Mile Road
Southfield, MI 48034