BUSINESS/INDIVIDUAL REORGANIZATION OVERVIEW BY ATTORNEY JAMES D. JACKMAN
Who Can File for Chapter 11 Bankruptcy?
Chapter 11 Bankruptcy is a “reorganization” that gives business (small or large) such as corporations and partnerships an opportunity to continue operating as a business while they reorganize and renegotiate debt with their creditors. Chapter 11 Bankruptcy is also available for individuals with large debts and assets who do not meet the strict asset/debt limitations of Chapter 13 to restructure their debts. Bradenton, Florida Chapter 11 bankruptcy attorney James D. Jackman of James D. Jackman P.A is prepared to assist you restructure your debt. As a business owner or an individual, you may have questions about bankruptcy that only an experienced bankruptcy reorganization attorney can answer. The Chapter 11 bankruptcy process is a complex legal procedure. The process is best navigated with the help of a experienced bankruptcy reorganization attorney on your side. Bradenton, Florida attorney James D. Jackman has been helping business owners and individuals like you through the Chapter 11 reorganization process for several decades and is ready to answer all of your questions. When you contact us for a free and no obligation consultation, attorney James D. Jackman will go into more detail about the bankruptcy timeline, answer all of your questions regarding Chapter 11 Bankruptcy and guide you through the process from start to finish.
Chapter 11 Bankruptcy Plans:
After filing for relief under Chapter 11 Bankruptcy, you have up to 120 days to submit a plan of reorganization to the court. Typically this plan includes precise details on how you plan to restructure your business or individual debt. Your plan may involve repayment extensions, adjustments to interest rates, or debt relief. Attorney James D. Jackman can help you formulate a plan and submit the proper documentation for this complex process. Once we help you to develop a plan and it is proposed, the plan must be approved by a majority of the creditors and confirmed by the court. The bankruptcy court will also determine the feasibility of any proposed reorganization plan.
After the 120-day period has passed, any interested party may file a competing reorganization plan with the court. Such competing plans often include provisions for the liquidation of some of the debtor’s nonexempt assets. This plan may also be considered and approved by the court. These interested parties may include creditors or shareholders, and if a trustee is appointed, the trustee may also file a bankruptcy plan. Such plans often include provisions for the liquidation of some of the debtor’s nonexempt assets and may also be considered and approved by the court.
The bankruptcy trustee has the ability to organize the interested parties who do not fall into a category of secured creditors into an “official committee of unsecured creditors.” The trustee may also create committees for secured creditors, holders of liens, or even for employees of the business. While any of these interested parties may file a competing reorganization plan, there is no guarantee their plan will be confirmed by the court. At every step of this process, you may have questions. Bradenton, Florida attorney James D. Jackman has decades of experience in this area of the law and has helped countless businesses and individuals emerge from Chapter 11 Bankruptcy. With skilled Chapter 11 Bankruptcy attorney James D. Jackman working for you, your chances of having your plan approved will greatly improve.
Keys to a Successful Confirmation and Completion of Chapter 11 Bankruptcy
Once the reorganization plan is proposed and confirmed, you will be discharged from all debts filed in the plan. Following confirmation, the debtor’s property is free and clear of liens and encumbrances unless they were preserved in the plan documents. The terms of the confirmed reorganization plan, including any repayment conditions, must be adhered to by both the debtor and the creditors. Your chances of getting your initial plan confirmed increase exponentially if you have an experienced bankruptcy attorney working for you. If the reorganization plan you originally proposed was developed with the expertise of Attorney James D. Jackman, your odds of a successful confirmation will increase dramatically.
However, in some Chapter 11 bankruptcy cases, one or more classes of creditors may reject the reorganization plan. If you cannot come to an agreement with the creditors who object to the plan, you may seek relief under the cram down provisions of the bankruptcy code. This scenario allows a plan previously rejected by one or more creditors to be approved by the bankruptcy court as long as it is deemed to be fair, equitable and not discriminatory against any class of creditors. Attorney James D. Jackman will assist you in reaching agreements with creditors through negotiation if it becomes necessary
From the start of the bankruptcy process, attorney James D. Jackman and staff at James D. Jackman, P.A. will guide you through the bankruptcy process to make sure that you are in full compliance with all aspects of the Chapter 11 Bankruptcy process, resulting in a successful completion. Contact our law firm today at (941) 747-9191 for a free consultation and for the peace of mind that comes from having an experienced Chapter 11 bankruptcy attorney on your side.
