Chapter 11 Bankruptcy Attorney in Fort Washington, MD
Chapter 11 Bankruptcy Attorney in Fort Washington, MD
Navigating Chapter 11 Bankruptcy
The Law Office of Rowena N. Nelson, LLC understands the complexities of Chapter 11 bankruptcy. We offer our clients in Fort Washington, MD, comprehensive guidance through this challenging process, helping businesses restructure and individuals protect their assets.
What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy, often associated with businesses, allows for debt reorganization. It’s designed for corporations, partnerships, and even individuals whose debts exceed the limits of Chapter 13. It enables the debtor to propose a plan for profitability post-bankruptcy, which might include cutting costs, seeking new sources of revenue, or restructuring debts.
The Chapter 11 Bankruptcy Process
- Filing for bankruptcy. The process begins with filing a petition in bankruptcy court.
- Automatic stay. Filing provides immediate relief from creditors through an automatic stay.
- Debtor in possession. The debtor usually remains in control of their assets and operates as a “debtor in possession.”
- Reorganization plan. The debtor proposes a reorganization plan to keep the business alive and pay creditors over time.
- Creditors’ involvement. Creditors may form committees to negotiate terms of the reorganization plan.
- Plan confirmation and completion. The court must confirm the plan, after which the debtor must adhere to its terms.
Advantages of Chapter 11 Bankruptcy
- Business continuation. Businesses can continue operations while reorganizing debt.
- Chapter 11 offers more flexibility compared to other types of bankruptcy.
- Adjustment of debts. Debts can be reduced or restructured to improve cash flow.
- Asset retention. Debtors can retain their assets during the reorganization process.
Is Chapter 11 Right for You?
Our legal team assesses your financial situation to determine if Chapter 11 is the most viable option. We consider factors like the type of debt, the amount of debt, and the long-term business goals.
Personalized Legal Strategies
At the Law Office of Rowena N. Nelson, LLC, we develop tailored strategies that align with your financial goals and work to a favorable outcome.
The Role of Our Attorneys in Chapter 11 Bankruptcy
- Initial consultation. We begin with a comprehensive review of your financial situation.
- Plan development. We assist in the creation of a feasible reorganization plan.
- Negotiation with creditors. Our team negotiates with creditors to reach a consensus.
- Court representation. We represent your interests in all court proceedings.
Frequently Asked Questions about Chapter 11 Bankruptcy
Q: How long does the Chapter 11 process take?
A: The duration varies based on the complexity of the case, but it generally takes several months to several years.
Q: Can small businesses file for Chapter 11?
A: Yes, Chapter 11 is available to businesses of all sizes.
Q: Will Chapter 11 affect my personal credit?
A: If you are a sole proprietor, it might. We can discuss the implications during our consultation.
Your First Step Toward Financial Reorganization
If you’re in Fort Washington, MD, and facing financial challenges, the Law Office of Rowena N. Nelson, LLC can provide the legal assistance you need for Chapter 11 bankruptcy. Contact us to schedule a consultation and begin the process of reorganizing and revitalizing your financial future.
