Bankruptcy For Businesses And Certain High-Net-Worth Individuals
Chapter 11 bankruptcy is often referred to as “business bankruptcy.” In fact, some individuals also find Chapter 11 to be the right type of bankruptcy for their circumstances. Chapter 11 bankruptcy filers may be professionals, business owners or other individuals with high debts that exceed the limits or other requirements for a Chapter 13 bankruptcy.
Chapter 11 bankruptcy is noted for its complexity and higher costs than what a Chapter 7 or Chapter 13 bankruptcy requires. However, this form of bankruptcy may provide the flexibility and customization that is necessary for a business, a business owner or a high-net-worth individual.
Step One For An Effective Chapter 11 Bankruptcy: Get Reliable Legal Advice
To discover the most appropriate type of bankruptcy for your Maryland business or for your personal finances when your income, assets and debts are extra large, consult with a knowledgeable debt relief lawyer.
Attorney Geri Lyons Chase has 35+ years of experience practicing bankruptcy law. She is also a business law attorney. She has the insights and background that are necessary to analyze your situation efficiently and in a targeted manner while you explore debt relief options for your business in Maryland.
Some Roles That Your Chapter 11 Bankruptcy Attorney May Fulfill
A large advantage of a Chapter 11 bankruptcy is that it allows many businesses to continue operating while reorganizing their finances and bringing their debts and cash flow under control once again.
A bankruptcy trustee collects information and dispenses instructions, but does not offer legal advice to Chapter 11 bankruptcy filing. It is essential for a business owner or high-net-worth individual in Maryland to consult with an attorney. A lawyer will help debtors understand both the federal and local jurisdictional rules and procedures throughout the entire process of a Chapter 11 bankruptcy, including:
- Getting permission from the trustee to make payments, take out loans or financing or take other financial actions
- Maintaining and reporting detailed records
- Staying in compliance with insurance and tax requirements
From the time of the initial debtor interview to the meeting of creditors and the subsequent filing of necessary monthly operating reports, a Chapter 11 filer will need continual top-notch legal guidance. The Law Office of Geri Lyons Chase has been a source of support for a great many businesses, business owners, professionals and other high-net-worth individuals.
Get Customized Analysis And Direction For Business Or High-Asset Bankruptcy
Learn what you need to know about the intricacies and advantages of Chapter 11 bankruptcy and bankruptcy alternatives for struggling businesses or professional practices.