Las Vegas Chapter 11 Bankruptcy Attorneys
What is Chapter 11 Bankuptcy?
At the Schwartz Law Firm, Inc., we assist individuals who have significant income and liabilities in filing bankruptcy under Chapter 11 of the Bankruptcy Code. If your income is over the median levels in Las Vegas, Nevada, and you have more than $336,900 in unsecured debt or $1,010,650 in secured debt ¾ filing for protection under Chapter 11 of the Bankruptcy Code may be the best option for you. The Schwartz Law Firm is one of the only firms in Las Vegas, Nevada helping consumers in Chapter 11.
Contact our office in Las Vegas to speak with an experienced lawyer regarding Chapter 11 bankruptcy for individuals and your debt relief needs. We represent bankruptcy clients in Nevada.
The Benefits of Filing Chapter 11 Bankruptcy
For people with higher income and debt, Chapter 11 bankruptcy is often a fantastic way to keep the majority of your assets and significantly reduce your debt. The benefits include:
- Reducing, or cramming home mortgages down to the appraised value of your residential and commercial properties
- Eliminating credit card debt
- Turning residential properties profitable
- Improving your personal financial situation
Despite these benefits, bankruptcy is not for everyone. At the Schwartz Law Firm, we will thoroughly assess your financial situation and explain all your options before moving forward.
The Chapter 11 Bankruptcy Process for Businesses
The steps for filing corporate bankruptcy include the following:
- File the appropriate petition, which also includes schedules of assets and liabilities (including distressed debts), current income and expenditures, contracts and leases and financial statements.
- The automatic stay goes into effect. This means that an injunction called the “automatic stay” is put in place to prevent creditors from pursuing the business for payment without bankruptcy court authority.
- Management of the business is deemed by the court to be the debtor in possession. This allows management to continue to operate the business in the ordinary course.
- Submit a reorganization/repayment plan to the court. This plan must be approved by creditors; this is one of the reasons that Chapter 11 filings can become complex.
These steps represent a very simplified explanation of a complicated process. For more information, Las Vegas businesses seeking debt relief under Chapter 11 should contact our law firm.
Assisting Clients Through the Chapter 11 Bankruptcy Process
Like in Chapter 13 bankruptcies, Chapter 11 bankruptcies include a payment plan based not on how much debt you have, but how much you can afford to repay, or what the Bankruptcy Code calls disposable income. Chapter 11 bankruptcies, however, allow you to control much more of the bankruptcy process, including designing your own repayment plan.
Our lawyers have substantial experience handling debt consolidation through bankruptcy. If Chapter 11 Bankruptcy is right for you, we will explain the process, including how we work to minimize the costs while maximizing your savings.
