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
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
- 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
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.