Chapter 11 Bankruptcy in Florida
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Bruner Wright, P.A., is a bankruptcy and business law firm that puts its customers first. We focus on providing legal representation to businesses and individuals in bankruptcy and business litigation matters. We are also experienced in estate planning and probate matters. Our firm has extensive experience in these practice areas which results in our clients feeling a much needed sense of calmness during turbulent times.
850.385.0342
CALL TODAY
We’re Here For You
And Your Legal Needs
Bruner Wright, P.A., is a bankruptcy and business law firm that puts its customers first. We focus on providing legal representation to businesses and individuals in bankruptcy and business litigation matters. We are also experienced in estate planning and probate matters. Our firm has extensive experience in these practice areas which results in our clients feeling a much needed sense of calmness during turbulent times.
Chapter 11 bankruptcy, also known as business restructuring, is a form of bankruptcy that allows businesses to restructure their debts and modify contracts. A company that files for Chapter 11 bankruptcy is required to negotiate with its creditors and other stakeholders in order to create a Chapter 11 Plan. Before taking any action, contact us to talk with a lawyer if you’re considering Chapter 11 bankruptcy in Florida.
Businesses can use the Chapter 11 plan to modify existing loan and contract arrangements in order to reduce debt and extend repayment periods. Reorganization offers a new start to a business that is under financial strain. Filing for Chapter 11 bankruptcy is a complex process and requires legal assistance.
What Is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy petitions are usually filed voluntarily. However, creditors can join forces to file a Chapter 11 petition involuntarily against a business that is defaulting.
The majority of businesses will file for bankruptcy in the location where they have their main business. They can also file for bankruptcy in their home state. Many large corporations, for example, are incorporated in Jacksonville. They will file for bankruptcy in Jacksonville instead of their home state.
During Chapter 11 Bankruptcy, the debtor can continue to run their business. The Court must still approve any decisions made by the debtor, such as selling assets, breaking leases, closing or expanding business operations, and entering into contracts or agreements.
The Reorganization Plan
Reorganization plans are contracts between the creditor and debtor that outline how the company will pay its debts and operate in the future. The bankruptcy court must approve or “confirm” the reorganizational plan. The plan must comply with numerous requirements.
- Feasibility. The bankruptcy court has to determine whether the plan of reorganization is likely successful. The debtor has to be able to show that they can generate enough revenue to pay creditors in the future.
- Good Faith. The plan must not be a bad-faith scheme or be used to generate illegal revenue.
- Best Interests of Creditors. The plan should allow creditors to get the same amount they would receive if the case were converted into a Chapter 7 liquidation.
- Fair. It means that secured creditors, such as a creditor with a mortgage on property or a lien on it, are paid in their entirety and the debt owners retain nothing in the form of equity interest until they receive the full payment.
What Our Clients Say About Us
I had such a good experience with my case with this firm!! They are all very nice, reasonable and caring about your situation and super thorough. I filed a ch 7 in October 2018, was discharged in January 2019 (so fast only 3 months) bought my very first ever new car in March 2019.
This is the best law firm I have have ever worked with. They were very honest, professional, and responsive. Robert and Trey worked very hard to create a best case scenario for me. My case was complicated and required high level negotiations. In less than 4 months, I received the best possible outcome! They were a lifesaver for me!
Extremely knowledgable and experienced Bankruptcy attorneys who are compassionate and diligent for their clients. I have sent them many satisfied clients and will continue to do so because their fees are fair and their staff is top notch! A+ firm in my book.
850.385.0342
CALL TODAY
We’re Here For You
And Your Legal Needs
Bruner Wright, P.A., is a bankruptcy and business law firm that puts its customers first. We focus on providing legal representation to businesses and individuals in bankruptcy and business litigation matters. We are also experienced in estate planning and probate matters. Our firm has extensive experience in these practice areas which results in our clients feeling a much needed sense of calmness during turbulent times.
Get Advice From Our Florida Bankruptcy Lawyer
When facing financial hardships and considering filing for bankruptcy, it is crucial not to go through the process alone. We offer the expertise of our highly skilled Florida bankruptcy lawyer, Robert Bruner, who is dedicated to guiding and assisting individuals in navigating the complexities of bankruptcy law.
By seeking his professional counsel, you can gain a thorough understanding of the bankruptcy process, its potential consequences, and the best course of action to alleviate your financial burdens. Trust our Jacksonville bankruptcy lawyer to provide the expertise and guidance you need to make informed decisions and achieve a fresh financial start.
FAQs About Chapter 11 Bankruptcy in Florida
Consult with a Chapter 11 Bankruptcy Attorney in Florida
Our firm can help you if you are facing financial difficulties. Contact a Florida Bankruptcy Attorney to find out more about your options. Our legal team at Bruner Wright P.A. will work with you closely to develop a legal strategy that can help relieve your financial stress. Our team is highly skilled and experienced in bankruptcy cases and we are committed to helping clients recover their financial health. We aim to offer our clients long-term solutions and not temporary relief. To learn more about how we can assist, please contact our firm to arrange a free consultation.
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