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Dec 04 Firm Articles

Chapter 11 Bankruptcy Reorganization

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Filing Chapter 11 Bankruptcy on your own is a daunting undertaking. Mountains of time-sensitive paperwork, interminable meetings with courts and creditors, and the number crunching to come up with a reorganization plan require your undivided attention, leaving you little time to maintain your business and have relationships with family and friends outside of your business.

That’s why when you contact a San Diego Chapter 11 bankruptcy attorney at Higgs Fletcher & Mack to handle your filing, we use our more than 70 years of experience to take on the complicated process and leave you time to focus your energies on yourself, your family, and your business.

Higgs Fletcher & Mack is one of the few bankruptcy law firms in San Diego that can successfully take you through the complete process of reorganizing from the initial filing of your petition through confirmation of a bankruptcy reorganization plan. Since 1939, we have helped numerous San Diego businesses cope and adjust to rough times and come out ahead. We stand ready to help you as well.

Who can file Chapter 11 Bankruptcy

Filing for bankruptcy under Chapter 11 is primarily for businesses that need time to reorganize or restructure. This type of bankruptcy is one option to consider for a debtor that wants to stay in control of affairs such as preserving a business, liquidating assets or both. The rules and requirements, however, are numerous and complicated and should not be navigated without the assistance of competent counsel.

Certain individuals with too much debt to qualify for Chapter 13 may also file Chapter 11, as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”) amended many provisions to specifically address and/or streamline the Chapter 11 bankruptcy reorganization process for individuals.

Chapter 11 Bankruptcy Automatic Stay Stops Creditor Harassment

One of the most important features of filing for bankruptcy under Chapter 11 is you can continue to operate your business while it restructures under the protection of the automatic stay, which goes into effect the instant a Chapter 11 bankruptcy lawyer at Higgs Fletcher & Mack files your petition.

The automatic stay halts all collection actions, and gives you time and the peace of mind to restructure your business and negotiate with creditors without the stress of collections and harassment interfering with your life.

Why do I need a Chapter 11 Bankruptcy Attorney

The paperwork is complicated, time consuming and confusing. For example:

  • If you miss a deadline, your case could be converted to a Chapter 7 liquidation bankruptcy controlled by a Trustee or it can be dismissed all together.
  • Interacting with the bankruptcy court and the office of the United States Trustee can also be a frustrating and time-consuming affair, and can occupy a significant part of your day-to-day life. The bankruptcy reorganization lawyers at Higgs Fletcher & Mack understand the process and can keep you focused on the issues that require your attention thereby increasing your chances of a successful reorganization.
  • Preparing a confirmable plan of reorganization can be a daunting task. These plans can be very complicated, and without sound legal counsel in bankruptcy law, you risk making serious mistakes or being taken advantage of by aggressive creditors. Your Chapter 11 bankruptcy lawyer at Higgs Fletcher & Mack will work with you to develop a confirmable plan of reorganization that clearly outlines the repayment process to your creditors.
  • Once the plan is approved, you transform from a debtor-in-possession into a reorganized debtor that now pays creditors according to the plan and which allows you to discharge any pre-bankruptcy amounts that are not paid through the plan. Your San Diego Chapter 11 bankruptcy lawyer at Higgs Fletcher & Mack will help protect you even after you complete the plan process so that creditors cannot collect on pre-bankruptcy claims not provided for in the bankruptcy reorganization plan.

Let the San Diego Chapter 11 Bankruptcy Attorneys at Higgs Fletcher & Mack help You

If you are considering bankruptcy, you need to contact the San Diego bankruptcy attorneys at Higgs Fletcher & Mack as soon as possible. Every day that you hesitate makes your future free of bills, harassing phone calls and collections agents that much further away.

Considering Bankruptcy? Consult with an Experienced Bankruptcy Attorney Today.

Take the first steps to a debt-free future, and contact a San Diego Chapter 11 Bankruptcy lawyer Higgs Fletcher & Mack today.

Fill out the free initial contact form to reach one of the experienced Higgs Fletcher & Mack Bankruptcy Attorneys today.

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