CHAPTER 11 – Bakersfield Bankruptcy Lawyers
Our Bakersfield bankruptcy lawyers assist businesses and individuals exceeding certain debt thresholds in filing for bankruptcy protection under Chapter 11. We are local, experienced, and affordable Chapter 11 lawyers. Vincent Gorski’s has worked Chapter 11 cases for a multi-station gasoline corporations, manufacturing businesses, health-care professionals, hospital facilities, business persons, and retail shops.
Businesses and Chapter 11
Chapter 11 bankruptcy protection is available to businesses that are experiencing financial troubles. Under Chapter 11, a business can continue to operate while it restructures its debts. Many businesses favor Chapter 11 over Chapter 7 because it permits the business to continue operations while providing protection from creditors during the reorganization period. Under Chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. In most Chapter 11 cases, the principals of the corporation continue to operate the business as a Debtor-in-possession (DIP).
Individuals and Chapter 11
Chapter 11 bankruptcy protection is also available to individuals who are ineligible to reorganize their financial affairs under Chapter 13 because their secured debts or unsecured debts exceed certain thresholds. In the case of individuals, Chapter 11 is similar to Chapter 13 in that the debtor’s earnings and property acquired after filing become property of the bankruptcy estate, the plan may be funded from future earnings, and plan confirmation over a creditor’s objection requires all of the debtor’s disposable income over five years unless the plan pays the claim in full, with interest, over a shorter period of time.
If you are considering seeking bankruptcy protection, the first step you should take is to consult a knowledgeable and experienced bankruptcy attorney. Our Bakersfield bankruptcy lawyers are experienced in handling bankruptcy cases on behalf of individuals, families, and businesses. Call our office today for a Free Consultation. We will review your financial situation, and help you determine whether bankruptcy is the right option for you. We are local, experienced, and affordable. We look forward to helping you!