New York Chapter 11 Bankruptcy Lawyer

Experienced Chapter 11 Attorneys Helping Clients Throughout New York City Reorganize Their Debt

Chapter 11 is a reorganization of a business. It is available to both corporations and LLCs. Chapter 11 provides an opportunity for a business to reorganize its debts and operations to gain time to grow or to facilitate the sale of the business.

Do you need bankruptcy help? Call (646) 760-3456 or contact us online for a New Yrok Chapter 11 bankruptcy attorney.

What Is Chapter 11 Bankruptcy?

Chapter 11 is a form of bankruptcy available to corporations and LLCs. It is similar to Chapter 13 in that it involves a repayment plan. However, Chapter 11 is different in that it involves a business reorganization plan.

Unlike Chapter 7, Chapter 11 does not involve liquidation of assets. Instead, it involves a reorganization plan that allows the debtor to pay off debts over time.

Chapter 11 can be beneficial for businesses that:

• Need time to reorganize
• Want to negotiate with creditors
• Want to keep the business running

What Is the Purpose of Chapter 11?

The purpose of Chapter 11 is to allow a business to continue operating, while at the same time, reorganizing its debts. This means that you do not have to close your doors while you are going through the process of reorganizing your debts. Instead, you can continue to operate while you are working on your repayment plan.

Chapter 11 is beneficial to:

• Businesses that need time to reorganize
• Businesses that want to renegotiate debts
• Businesses that want to continue operating while they work on a repayment plan

Understanding the Chapter 11 Process: Step by Step

Navigating Chapter 11 bankruptcy can seem overwhelming, but understanding the process can empower you to make informed decisions for your financial future. At IX Legal, we break down the Chapter 11 process into manageable steps, ensuring you know what to expect at each stage.

Here’s a simplified overview of the Chapter 11 process:

1. Filing for Bankruptcy: This begins with submitting a petition to the bankruptcy court, which includes detailed financial information.
2. Automatic Stay: Once filed, an automatic stay goes into effect, halting most collection actions against you.
3. Developing a Reorganization Plan: You will work with our attorneys to create a plan that outlines how you intend to repay your debts over time.
4. Creditors’ Meeting: A meeting with your creditors will be held to discuss your reorganization plan and address any concerns they may have.
5. Confirmation Hearing: The court will review your plan and, if it meets legal requirements, approve it, allowing you to proceed with your reorganization.
6. Implementation: Begin executing your plan, making regular payments to creditors as outlined, while working towards financial recovery.

By understanding these steps, you can approach your Chapter 11 bankruptcy with confidence. Our team at IX Legal is dedicated to guiding you through each phase, ensuring you have the support and knowledge needed to successfully reorganize your debts.

Why Choose IX Legal?

We are here to help you navigate the Chapter 11 process. We are committed to helping you get the relief you need and deserve. We will help you create a repayment plan that will allow you to pay off your debts in a reasonable manner.

We can help you with:

• Providing advice on whether Chapter 11 is right for you
• Helping you create a repayment plan that will allow you to pay off your debts
• Reviewing and negotiating contracts
• Providing representation in court

Get Professional Guidance From an Experienced New York Chapter 11 Bankruptcy Attorney

If you are interested in filing for Chapter 11, it is important that you consult with an experienced attorney who can help you navigate the process.

At IX Legal, we have the knowledge and experience you need to successfully file for Chapter 11. We can help you determine if Chapter 11 is right for you and your business.

Contact us online or call us at (646) 766-8308 for experienced legal guidance and personalized solutions tailored to your unique bankruptcy situation.