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.

There still may be a way forward for your business. Contact our Southfield team at Goldstein Bershad and Fried, PC today to explore Chapter 11 options.

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.

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.

Ready to address your business debts? Our Southfield attorneys are waiting to discuss your Chapter 11 bankruptcy. Call us at (248) 213-7888 for immediate assistance.

Commonly Asked Questions

What are the benefits of filing for Chapter 11 Bankruptcy in Southfield?

Filing for Chapter 11 Bankruptcy in Southfield offers several advantages for businesses facing financial difficulties. This process allows companies to restructure their debts while continuing operations, which can be crucial for maintaining customer relationships and employee morale. Additionally, Chapter 11 provides a breathing space from creditors, enabling businesses to develop a feasible repayment plan.

How long does the Chapter 11 Bankruptcy process take?

The duration of the Chapter 11 Bankruptcy process can vary significantly based on the complexity of the case and the specific circumstances of the business. Generally, the process can take several months to a few years. Initially, businesses must file a petition and propose a reorganization plan, which creditors will review and vote on. If the plan is accepted, the business will then implement it over the agreed timeline.

What types of debts can be restructured under Chapter 11 Bankruptcy?

Under Chapter 11 Bankruptcy, a wide range of debts can be restructured, including secured debts, unsecured debts, and priority claims. Secured debts, such as loans backed by collateral, can be renegotiated to extend payment terms or reduce interest rates. Unsecured debts, like credit card balances and vendor invoices, can also be addressed through a repayment plan. Additionally, priority claims, such as certain tax obligations, can be managed within the restructuring process. This flexibility allows businesses in Southfield to tailor their repayment strategies to their unique financial situations.