Chapter 11

Chapter 11 Bankruptcy Lawyer in Yuma

Most bankruptcy filings in the United States use Chapter 7 and Chapter 13. While these chapters are the most straightforward, not everyone will qualify. Chapter 7, for example, has strict income requirements for individuals. Chapter 13 has a debt threshold and is only available to individuals (including sole proprietors).

Even if you qualify for one of these chapters, it may not be the most appropriate solution for your situation.

Chapter 11 may be a better option for you if:

  • You are filing as an individual, and your debt is too high to qualify for Chapter 13
  • You are filing as an individual, and your income is too high to qualify for Chapter 7, or you would lose your high-value assets through the liquidation process
  • You are filing as a business entity, but you want to remain in control of your business instead of liquidating it through Chapter 7
  • You have a steady source of income or revenue that allows you to make regular payments through a reorganization plan

Ultimately, determining whether Chapter 11 is the best possible strategy can be a challenge without qualified support. At the Law Office of Phil Hineman, P.C., we have filed more than 10,000 bankruptcy cases in our 30+ years of experience. We have a thorough understanding of the Bankruptcy Code, and we stay abreast of legislative changes that impact our clients’ cases.

Furthermore, we have extensive experience filing bankruptcy appeals, so you can trust us to do everything we can to obtain a favorable resolution on your behalf. If you are looking for professionals who know how to work U.S. bankruptcy laws to your advantage, we are the team you need.

Ready to learn more about filing Chapter 11 bankruptcy in Yuma? Give us a call at (928) 224-3230 or contact us online to begin.

How Does Chapter 11 Work?

Unlike Chapter 7, Chapter 11 is not a straight liquidation and discharge of debt. However, you may be able to discharge qualifying debts after you complete a repayment plan similar to what you would establish in Chapter 13. The Chapter 11 plan may involve liquidation of assets, but many filers can keep their property while repaying most of their debt and obtaining a discharge.

Typically, creditors are heavily involved in these cases, which is partially why the process can take anywhere from several months to several years. Creditors can vote to deny repayment plans and have the power to propose their own. This is why hiring an attorney to advocate for your best interests is critical for your success.

The biggest advantage of Chapter 11 is that it allows many business owners to continue to own and run their businesses during and after the Chapter 11 process. The proceeding can be highly complex, however, and you will greatly benefit from qualified legal guidance.

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Phil Hineman has been providing bankruptcy, family law, and criminal law services for the community for over 25 years. Reach out to discuss your case today.