Best Orlando Chapter 11 Bankruptcy Attorney
If you want to find the best Orlando Chapter 11 Bankruptcy Attorney you’ll have to meet with several to determine their ability, skill and experience.
Find out what they would do in your financial situation before you randomly pick someone online, price shop and go with the closest or cheapest attorney.
If you’re considering filing Chapter 11, you’re a high wealth individual or a business owner or both and you’ll want an attorney familiar with the economics of a business and its financial reorganization.
Chapter 11 is a big decision and you’ll have to feel comfortable with who you choose to represent you and confident that he or she handles Chapter 11 bankruptcy regularly and successfully for a range of clients. Experience is imperative if you want the Chapter 11 bankruptcy to go smoothly.
Whether you live in Orlando, Celebration, College Park, Windemere, Lake Mary, Maitland, or Winter Park, you may find a more competent attorney who happens to be located in another city. Local convenience should not be the top criteria.
Bankruptcy is held in federal court and may be handled by any licensed Florida bankruptcy attorney in the state. However, if you’re looking for the best bankruptcy attorney you’ll need to research and choose carefully.
If you search Central Florida you’ll find many Chapter 11 bankruptcy attorneys and will need to interview your top choices to find out which attorney fits your case. You need to work with the bankruptcy attorney who answers your questions, provides direction and options that you feel will work best for you and your financial situation.
If you’re looking for the least expensive attorney you may want to rethink cost as a priority. The bankruptcy attorney you hire will need the experience to protect your assets. A Chapter 11 bankruptcy can mean the beginning and restart or the beginning of the end of your business.
If your attorney is strong, the Chapter 11 bankruptcy will run more smoothly than if you have an attorney who doesn’t regularly handle Chapter 11 bankruptcies.
In a Chapter 11 bankruptcy, the trustee works to ensure that the assets are going to be divided and paid to debtors in the order established by your attorney. Whether you’re including a mortgage, credit cards, product debt, medical bills, or the most demanding creditors, you want to be certain that your lawyer knows and is very comfortable with Chapter 11 bankruptcy law.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is somewhat similar to Chapter 13 however the major difference is there’s no limit regarding the amount of debt owed by the debtor. Individuals can now file Chapter 11 bankruptcy although the intent of a Chapter 11 bankruptcy was intended for businesses and large corporations.
Chapter 11 is available to individuals and businesses and as an individual debtor you can reorganize debts in your name to restructure your finances and protect your assets. If you file as a business, you can still reorganize the debt but you are limited to dealing with business debts.
If you’re shopping for the best possible Orlando Bankruptcy Attorney, you’re probably interviewing bankruptcy attorneys to find out whether they’re going to get along with you or how much they cost. The truth is that the best attorney for you should not be the cheapest and that you’re not hiring a friend or some attorney you know. You want the most skilled bankruptcy attorney to handle the details and the challenges of the bankruptcy to get your business back on track financially.
You want an attorney who will be honest and tell you whether there are other alternatives to filing bankruptcy. For example if your home is underwater and there are two mortgages or three taken out the home, would a mortgage workout solve your personal debt issues? It might and it’s worth your time to find out.
The chapter in Bankruptcy Code allowing a Chapter 11 reorganization usually involves a corporation or a partnership. A Chapter 11 debtor will need to propose a plan of reorganization to keep its business alive and pay its creditors over time. This requires a marketing plan and business plan to help show the court that the business can be salvaged and reorganized to run successfully and make a profit to sustain the business.
Which Bankruptcy Chapter Will You File?
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a form of reorganization bankruptcy is most often used by large businesses and corporations and yes, individuals can use Chapter 11 too, but it rarely makes sense for individuals. If you’re going to file bankruptcy you’ll need to decide which chapter of bankruptcy you want to file. In most cases the best Orlando bankruptcy attorney is going to ask you a series of questions including:
- How much does the business earn?
- Have you lost employees due to financial strain?
- Do you expect to 0we more than you make?
- How much do you owe?
- Who do you owe?
- Was there one thing that led you to filing bankruptcy?
- Do you own other businesses?
- Do you own your home?
- Are you behind on your mortgage?
- Are your assets protected?
- Are you going to receive an inheritance in the next year
The law firm will contact creditors in an attempt to change the terms on loans such as the interest rate and dollar value of payments. Chapter 11 appoints a trustee;
however, rather than selling off all assets to pay back creditors, the trustee supervises the assets of the debtor and allows the business to continue running.
A debtor can restructure finances through a plan of reorganization approved by the bankruptcy court in a Chapter 11 bankruptcy. Reducing obligations and modifying payment terms, a Chapter 11 bankruptcy plan can help a debtor regain profitability and continue in operation and balance its income and expenses
Under Chapter 11 a debtor may sell some or all of assets so it can downsize business operations for a while if necessary or pay down claims that it owes.
The biggest mistake most Chapter 11 bankruptcy debtors make and a major reason for failure of many Chapter 11 cases is that they’ve waited too long to go to an attorney. They spend cash flow trying to satisfy creditors trying to avoiding filing bankruptcy, satisfy claims, and when they finally file, their cash flow is so depleted, that they don’t have sufficient cash to operate their business, even with debt payment options, and the court protection from creditors.
At Lanigan and Lanigan there’s a focus on Chapter 11 legal notices, schedules and statements, claims and solicitation services for corporate clients, Chapter 11 notice and claims agent casework for corporate clients.
There’s a focus on moving the company through case processes towards plan solicitation and confirmation, restructuring business and financial operations through the bankruptcy code, bankruptcy court orders, working with the company on Chapter 11 compliance.
A company that’s successful in Chapter 11 will usually be expected to continue operating in an effective manner within its newly structured debt. If it is not successful, then it will have to file for Chapter 7 and liquidate. In both instances, common shareholders will most likely see little (if any) return on their investments.
Winter Park, Florida, bankruptcy attorney Eric Lanigan has practiced Florida bankruptcy law since 1976; Roddy Lanigan since 2007. Together the Lanigans provide clients with aggressive representation and a personal touch.