You don't have to be bad at managing finances to find yourself dealing with debt. If your business has faced some hard times over the years, trust a dependable bankruptcy attorney to help you get things back on track. John H. Redfield offers Chapter 11 bankruptcy law services in the Barrington, IL area. Rely on attorney Redfield to be there for your business as you file for Chapter 11 bankruptcy. A Chapter 11 bankruptcy can resolve tax debts, supplier debts, mortgage debts, or prevent the loss of real property or a business. Your attorney can help reorganize your debt when you file for a Chicago Chapter 11 bankruptcy. Single asset real estate cases also fall under the Chapter 11 bankruptcy umbrella.
While Chapter 11 bankruptcy cases are complicated, and often expensive, they still may present the best option for an individual or business seeking to reorganize debt, prevent the loss of real property, or resolve tax debts. Indeed, a Chicago Chapter 11 bankruptcy offers many a chance for a fresh financial start, but the first step is speaking with a qualified attorney to determine if this is your best course of action.
John H. Redfield has more than four decades of experience serving the Chicago metro area, including Palatine. As a former CPA and bankruptcy trustee, John H. Redfield has a unique perspective on these complicated bankruptcy cases, and will use his experience to make the Chapter 11 process as simple, painless, and affordable as possible.
To speak with Chapter 11 bankruptcy attorney Redfield about your situation, call today. Attorney Redfield can also help individuals file for Chapter 11.
Chapter 11 bankruptcy is designed to keep struggling businesses from closing. When you file for Chapter 11 bankruptcy, attorney Redfield can help you:
Chapter 11 bankruptcy can help you resolve tax debts, supplier debts, mortgage debts, or even prevent the loss of your real property or business. Both individuals and businesses can file for Chapter 11, making this an appealing option under certain circumstances.
When you file for this variety of bankruptcy, your attorney works directly with your creditors to reorganize your debt. However, it's important to note that these cases are complicated, because formulating a plan of reorganization and obtaining first-day orders is time consuming.
Filing for Chapter 11 can also be quite expensive because of its labor-intensive nature. The business is also required to file monthly financial operating reports with the courts during the pendency of the case, and a detailed disclosure statement must accompany the plan of reorganization.
Also falling under the Chapter 11 bankruptcy umbrella are single asset real estate cases. If substantially all of a debtor's gross income is generated by one real estate development, then you would be considered a single asset real estate case. These cases trigger additional rules, so it's vital that you discuss your situation in detail with your bankruptcy lawyer.
Creditors may assist in the formulation of your reorganization plan, so their role in a Chapter 11 bankruptcy is significant. If two-thirds of all the classes of creditors reject the plan of reorganization, then obtaining a cram down will be necessary to obtain the court's approval.
With a Chapter 11 proceeding, you will have to supply information to your creditors, possibly including a projection of future income, a history of the company's finances, and a liquidation analysis.
The bottom line is your business's bottom line, so if you're struggling financially you deserve to work with an experienced attorney who can help you make informed decisions and get back on track.