Southfield Chapter 11 Bankruptcy Lawyer

Let Us Assist Your Business

It is challenging for any business to survive in the marketplace. Many business owners are driven into debt due to circumstances outside their control. While business owners consider filing for bankruptcy at the end of their company, filing for Chapter 11 can help keep a business' doors open while it regains its financial footing.

At Goldstein Bershad and Fried, PC, we have helped countless Michigan business owners salvage their finances and correct the trajectory of their company. With more than 100 years of combined legal experience, our bankruptcy attorneys know how to navigate Chapter 7, Chapter 11 and Chapter 13 filings to ensure that our clients benefit as much as possible from the available protections.

What to Expect from Chapter 11 Bankruptcy

If you think filing for bankruptcy is the right choice for your business debts, the first step is to meet with a bankruptcy firm. We can sit down with you and discuss your financial situation to decide whether this is the best solution for you and your company.

If we decide to move forward, we can assist you with the paperwork and ensure the filing goes smoothly. Chapter 11 involves restructuring debt and proposing a plan to creditors that describes repayment of a percentage of the original amount.

Key Aspects of Chapter 11 Bankruptcy:

• An Unsecured Creditors' Committee may be formed to help form the plan
• The debtor proposes a repayment plan to creditors
• The plan can include a six-year payout schedule for taxes
• The creditors vote on whether the plan satisfies an acceptable amount

In Chapter 11 cases, some parties may have priority for repayment over others. For instance, secured creditors and landlords often must be paid before other parties. Our firm can help you manage this hierarchy of payments and ensure that your Chapter 11 plan satisfies the right creditors at the right time.

Understanding Chapter 11 Bankruptcy in Southfield, MI

For business owners in Southfield, navigating financial challenges can be particularly daunting, especially with the economic fluctuations that affect local industries. Whether you run a small retail shop on Southfield Road or a service-based business in the heart of the city, the pressures of debt can feel overwhelming. Fortunately, Chapter 11 bankruptcy offers a viable path to restructure your debts while keeping your business operational.

Local resources, such as the Southfield Area Chamber of Commerce, provide valuable support for businesses facing financial difficulties. However, even with the resources available to you, enlisting legal guidance is essential.

Many Southfield business owners experience common pain points, such as declining sales, increased competition, and rising operational costs. These issues can lead to mounting debts that seem insurmountable. By considering Chapter 11 bankruptcy, you can create a structured repayment plan that allows you to negotiate with creditors while maintaining your business operations. This process not only helps you regain control of your finances but also preserves your relationships with employees and customers, which is crucial in our close-knit community.

Our team understands the unique challenges faced by Southfield businesses. We are committed to helping you explore your Chapter 11 options and develop a tailored plan that addresses your specific financial situation. With our knowledge of local economic conditions and resources, we can guide you through the complexities of bankruptcy.

Strategic Debt Negotiation in Southfield

Suppose your business is in a dire situation and wants to keep it open and operating. In that case, our Chapter 11 lawyers are here to help. You can rely on us to provide dedicated representation at every process step. Ultimately, we are looking to offer you and your business the stability it needs to forge ahead in the marketplace with confidence.