Chapter 11 Bankruptcy
Do you have what feels like an overwhelming load of debt? Are you struggling to make your monthly payments on time or only partially paying your bills each month? Are you considering filing for bankruptcy in the state of Florida?
If you answered yes to any of the previous questions, you need to contact Miami bankruptcy attorney Michael C. Compo: he'll provide you with advice, guidance, support, and representation as you explore bankruptcy options.
Chapter 11 Bankruptcy Services
As a new client, exploring Chapter 11 bankruptcy options, Mr. Compo will meet with you and review:
- Your current debt load and outstanding bills
- Assessment of your current status and what options have been explored
- Discussion of bankruptcy and its long-term effects
- Filling out forms and submissions to the proper courts and other authorities
- Attending hearings and other meetings.
Florida Chapter 11 Bankruptcy
Depending on the amount of debt you are currently carrying, you will need to decide between Chapter 7, Chapter 11, and Chapter 13 bankruptcy processes. If your current debt load is in excess of one-million dollars ($1,000,000.00), then you qualify for Chapter 11 bankruptcy protections.
Chapter 11 is only available to those with this large amount of debt: this is because of the increased reporting requirements, higher legal fees, and significant court fees associated with the Chapter 11 bankruptcy process. Additionally, Chapter 11 reorganization is available to both businesses and individuals. However, most Chapter 11 filings are done for businesses, corporations, proprietorships, and partnerships.
Usually, Chapter 11 means a reorganization of debt, allowing a company to remain in business and make payments to various creditors over a set period of time. In contrast to other bankruptcy options, Chapter 11 filings allow the business or individual to keep many of its or his / her assets.
Chapter 11 Bankruptcy Process
In Florida, filing for Chapter 11 customarily begins with the development of a plan for reorganization and repayment of all debts. Once Chapter 11 filing has commenced, all collection activities are brought to a halt, allowing the debtor time to breathe, assess the situation, and determine how to proceed -- all with the guidance of their legal advisor.
After the repayment and reorganization plan is developed taking into account the needs of the debtor and the creditors a trustee is customarily appointed. It is the role of the trustee to make sure that all of the assets are properly managed, all of the priority claims are paid on time, and that the reorganization proceeds according to the law. Occasionally the trustee will take control of all of the assets, depending on the abilities of the debtors.
The Chapter 11 bankruptcy process may last for years -- as long as it takes for all of the debts to be discharged. During this time, the emphasis is dual: to pay off or pay down debt and ensure that the business again becomes profitable.
Filing for Chapter 11 bankruptcy in Florida is a major undertaking and needs to be done under the guidance and assistance of a knowledgeable attorney. Mr. Compo is such an attorney, having walked many of his clients through the process, and he is ready and available to help you, as well.
You're not alone and you do not need to face the possibility of Chapter 11 bankruptcy without help: contact Mr. Compo for consultation, today.