Chapter 11 Debt Reorganization Attorney In Jackson Heights
Many businesses, and some individuals, take advantage of debt reorganization under Chapter 11 to get the debt relief they need. With debt reorganization, a business owner may be able to remain in control of the business and avoid liquidation.
If you are struggling with debt, you have options. At the Law Office of Schachter, P.C., we can help you understand those options and develop a Chapter 11 debt reorganization plan that meets your needs.
From our office in Jackson Heights, attorney David B. Schachter handles personal and small corporate business reorganization under Chapter 11. He has more than 30 years of experience helping clients get the debt relief they need through the bankruptcy process.
The Chapter 11 Process For Businesses
In most cases, the business owners will maintain control of the business during the bankruptcy process. The default is to have the debtor named as “debtor in possession,” which means that the owners will continue operating the business and will only need the court’s permission to terminate certain contracts or take other actions that are outside of the normal scope of business. This can help a business get out from under the shadow of poor business decisions and contracts that are keeping the business from paying its creditors.
In a Chapter 11 bankruptcy, the debtor develops a reorganization plan, which must be approved by the creditor’s committee. The level of court involvement and the length of the Chapter 11 bankruptcy will really depend on the specific facts of your situation.
It is essential to work with an experienced attorney throughout this process, particularly when negotiating with creditors. Mr. Schachter is skilled in negotiation and experienced in developing business reorganization plans.
Contact An Experienced Bankruptcy Lawyer In Queens
If you are struggling with debt, we can help you weigh your options and determine if Chapter 11 is right for you and your business. Call us at 888-337-2679 or contact our New York office by e-mail to discuss your debt relief and reorganization options.