Los Angeles Lawyers - Chapter 11 Bankruptcy
When people think of Chapter 11 bankruptcy they usually think that this type of bankruptcy petition is only available to businesses. Actually, Chapter 11 reorganization can be a very useful tool to help individuals restructure their debts. However, since many debt relief law firms are only used to using Chapter 11 in a business arena, is i is critical that you turn to a firm that has extensive experience using this filing for helping individuals.
Located in Los Angeles, California, at Weintraub & Selth, we have considerable experience helping people understand and use Chapter 11 bankruptcy to help reorganize their finances and help get them back on their feet. We are familiar with how the laws before and after the 2008 BACPA legislation work to allow individuals to use Chapter 11 reorganization to repay debts and retain assets.
To learn more about how we can help you, contact us online today to schedule an appointment or call 310-584-7702 or toll free at 866-572-2423.
The Benefits of Chapter 11 for Individuals
Unlike Chapter 7 or Chapter 13 bankruptcy, Chapter 11 is much more flexible because the individual or business that is filing becomes his or her own trustee. As your own trustee, you are a debtor in possession, which means you decide what will be sold to pay off a debt and what you want to keep, instead of a third party trustee or the court deciding for you.
We can help you make these decisions concerning asset management as well as the order creditors will be made paid and over what period of time. This can also apply to larger debts such as mortgages, subject to court approval. We can help you restructure real estate debt, including repay repaying debt, catch up on delinquent payments, and restructure unsecured debt by lien stripping qualifying properties.
Moreover, unlike Chapter 13, there are not the same right tight timelines that you need to adhere to when it comes to paying back the debt, and there is no limit on the amount of debt you can reorganize.
Additionally, the reporting requirements are very easy to satisfy, and we will be by your side throughout the process to make sure that you are fully complying with all aspects of a Chapter 11 bankruptcy petition.
Orange County Debt Reorganization Lawyers Here to Help You
As Los Angeles attorneys who help file petitions for Chapter 11 bankruptcy for the individuals, we will evaluate your situation to see if this method is right for you. This includes explaining the disadvantages of Chapter 11, in that it is much more expensive than other methods and creditors you owe can vote on your plan, which may result in your arrangement being rejected at by the court. We will do everything we can to avoid this though, and structure a plan that you can afford and that is fair to creditors.
At Weintraub & Selth, our goal is help you get back on your feet financially by finding workable solutions that cause the least disruption to your life. Contact us today to schedule an appointment, and take the first step towards toward a fresh new beginning.
