Our legal team at LSS Law has more than 80 years of combined legal experience handling bankruptcy matters. We have worked with, and continue to work with, bankruptcy trustees and creditors, giving us unique and valuable perspective on the entire bankruptcy process. The Chapter 11 process can be complex, but we have the experience and knowledge needed to successfully guide your business each step of the way.
Contact us online or call to speak with a Chapter 11 bankruptcy attorney in Miami at LSS Law.
A business that needs to restructure its finances is offered various beneficial tools in a Chapter 11 filing.
Below are indicators that a bankruptcy filing could benefit your business:
The debtor-in-possession must submit a plan of reorganization for approval by the creditors and the court. The plan organizes the company’s debt into classes according to the type of debt. The plan sets forth how the debtor-in-possession intends to pay its various creditors over the term of the plan. The plan can provide that certain contracts are cancelled, which can result in a substantial financial benefit to the company. The debtor can also “avoid” certain payments made within the period (usually 90 days) prior to the bankruptcy filing, resulting in the money being returned to the company, for the benefit of all of its creditors.
A majority of the creditors and the bankruptcy court must approve the Chapter 11 plan. Once the plan is confirmed, the debtor-in-possession operates its business while making payments to fulfill its obligations according to the terms of the plan. The bankruptcy court continues to supervise the Chapter 11 debtor’s business to ensure compliance with the plan, for a limited period of time.
A Chapter 11 filing can be used to reorganize a large corporation, a small business or it could be utilized on an individual basis.
The entity filing a Chapter 11 has certain fiduciary obligations, including:
The office of the U.S. Trustee is responsible for monitoring the compliance of the debtor in possession. Our attorneys work closely with the U.S. Trustee’s Office and have established a good relationship and reputation that benefits our Chapter 11 clients.
Our firm has a thorough understanding of The Small Business Reorganization Act of 2019 and we can use our knowledge and experience to help you reorganize and preserve your business during the bankruptcy process. We understand that Chapter 11 bankruptcy can be a useful tool to help a struggling business get back on track, and we want to use Subchapter V of Chapter 11 bankruptcy for the benefit of your small business.
At LSS Law, we appreciate our relationship with you and protecting the going concern of your business. You are not just a case or a file number to us. Let us help your business obtain the debt relief it needs and provide a stable financial future. Reach out to our business bankruptcy attorneys in Miami today.
If you are interested in learning more about corporate Chapter 11 bankruptcy, and if your business is located in Broward, Miami-Dade, Highlands, Indian River, Martin, Monroe, Okeechobee, Palm Beach, or St. Lucie Counties, contact us via our online contact page.
The often times difficult Chapter 11 bankruptcy that traditionally favored larger companies is now available for small businesses through The Small Business Reorganization Act. Allows us to help you build a comprehensive strategy to navigate the process with the help our recognized team.
Contact us for a no-cost, no-obligation, bankruptcy strategy session.
