Florida Bankruptcy Attorney Helps Businesses Reorganize Debt
Fort Myers law firm represents debtors in Chapter 11 bankruptcies
If your business is struggling to meet its financial obligations and looking for help, a skilled attorney can represent you in your bankruptcy or other debt-relief matter. At Jeffrey W. Leasure, P.A. in Fort Myers, I represent businesses in Southwest Florida that seek to restructure their debts through filing for Chapter 11 bankruptcy. Having assisted clients in managing and recovering from debt since 1982, I have the experience necessary to determine if Chapter 11 is the best solution for you.
Decisive attorney handles corporate and partnership bankruptcy issues
With no limits on debt amount, Chapter 11 bankruptcy is an option for business debtors, e.g. corporations, partnerships and limited liability companies as well as sole proprietorships and individuals with high income or debt. Like Chapter 7 bankruptcy, Chapter 11 bankruptcy can negatively impact credit, but Chapter 11 involves the restructuring of the business without necessarily liquidating assets.
After filing for Chapter 11 bankruptcy, a debtor will typically file a disclosure statement and reorganization plan. The business itself may remain fully operational as the debtor works to repay its obligations, and the reorganized debt is discharged only when paid as agreed upon. The business’s creditors may not attempt to collect on their claims but have the ability to reject the reorganization plan. The debtor’s proposal and major business decisions must be approved by the bankruptcy court. If you are unsure how to proceed, I can advise you on whether you should consider Chapter 11.
Knowledgeable bankruptcy lawyer advises businesses on reorganization
One of the most important steps in a Chapter 11 case is the filing of the reorganization plan, which covers how the company intends to handle its debts. The debtor has the right to propose a plan for 120 days from the petition date or up until 18 months with court permission. The court’s confirmation generally depends on the following:
- Creditor voting — The debtor has 180 days from the petition date or up until an extended deadline of 20 months to get creditors to accept a plan. If the exclusivity period passes without an accepted plan, creditors may propose competing plans.
- Confirmation requirements — The court must find that the plan is in the best interests of the creditors based on a test of whether the creditors would receive as much value under the plan as they would under Chapter 7 bankruptcy. The court must also determine that the plan is fair and equitable and meets good faith requirements.
Chapter 11 bankruptcy cases are typically complex, sometimes resulting in conversion to a Chapter 7 bankruptcy. In addition to representing you, I can help you correctly file documents, develop a practical long-term plan and demonstrate that your business is capable of meeting its obligations.
Contact a Florida bankruptcy attorney to schedule a free consultation
At Jeffrey W. Leasure, P.A. in Fort Myers, I am committed to helping businesses in Southwest Florida protect their assets as effectively as possible when faced with debt. If you are considering Chapter 11 bankruptcy, call 239-266-2219 or contact me online to schedule a free consultation.