Eligibility for Chapter 11 Bankruptcy in Miami
Legal Counsel from a Bankruptcy Attorney
Debt can be paralyzing under any normal circumstances, but when it has
the potential to shut down your business, it's downright terrifying.
Many business owners assume they have no choice but to close up shop while
organizing their finances. Fortunately, Chapter 11 bankruptcy makes a
way for these individuals to keep their doors open and work toward a brighter future.
At Orshan, P.A., it is our goal to come alongside business owners struggling
with debt and show them a way out. Our
Miami business bankruptcy attorney can create a long-term solution that puts your goals back within reach.
We've been certified in Business Bankruptcy Law for nearly 10 years
and have an additional 15 years of experience. Needless to say, we are
the firm that makes good things happen.
Eligibility Requirements for Chapter 11 Bankruptcy
Business owners are not required to pass a means test before filing for
Chapter 11 bankruptcy. This makes Chapter 11 unique compared to
Chapter 7, which does require a means test. Our
Miami bankruptcy lawyers know that Chapter 11 offers solutions for businesses, both small and large.
Individuals must meet the following requirements for Chapter 11 bankruptcy:
- Be an individual, partnership, corporation, or other business entity
- File current assets, liabilities, income, expenses, contract/lease schedules, etc.
- No failed court compliance, appearances, or bankruptcy dismissals in past 180 days
- Receive credit counseling from an approved agency in past 180 days
After meeting these requirements, the individual or business is assigned
a trustee or administrator to supervise the assets. This may be comprised
of a committee of creditors who supervise the reorganization plan. For
business debtors and creditors alike, Chapter 11 bankruptcy can become
a complex procedure.
Advantages of Chapter 11 Bankruptcy for Businesses
For small businesses, large businesses, partnerships, and corporations
in Miami, Chapter 11 bankruptcy offers an effective way to restructure
debt without limitation—unlike some bankruptcy processes,
Chapter 11 bankruptcy does not have a limit on the amount of debt that
may be reorganized. However, because of the assets, debts, and schedules involved, a business
bankruptcy procedure is often a very complicated procedure.
Successful Chapter 11 reorganizations can be difficult to accomplish, especially
if a business files for debt reorganization without a bankruptcy attorney
in Miami who has the skills and experience necessary to guide them through
the process. Orshan, P.A. knows how complicated it can be to file for
Chapter 11, regardless of the size of your business.
Our Miami Chapter 11 bankruptcy attorney is eager to work with you and
determine if you qualify.
Call our team today to schedule your confidential consultation!