Chapter 11 Bankruptcy Lawyer Tallahassee
Filing business bankruptcy in Florida? Chapter 11 Bankruptcy Lawyer Tallahassee, Robert C. Bruner and Trey Wright can help. Free consultation. 850-385-0342.
Debt Relief for Businesses and Professionals
Debt does not discriminate. Anyone can be affected by it. From business owners to individuals with substantial assets, everyones debt relief needs are unique. To properly file and proceed through the bankruptcy process, you need to work with an attorney who not only understands bankruptcy, but who also has an in-depth knowledge of Chapter 11 of the federal Bankruptcy Code.
Robert Bruner and Trey Wright have an office in Tallahassee, but serve those throughout the 200-mile Panhandle region of Florida. Our attorneys have more than 30 years of personal and business bankruptcy experience, helping businesses and professionals through the complex maze of reorganization through Chapter 11 bankruptcy.
Initial consultations are always free. Call us at 850-385-0342 to set up an appointment.
Benefits of Filing a Personal Chapter 11 Bankruptcy Plan
Celebrities and wealthy people are not afraid to file Chapter 11 if their Chapter 13 debt limits exceed Chapter 13. People with high incomes are not automatically advised to choose the flexible option. However, the headlines about household-name celebrities do not necessarily indicate that it is not the best choice. These are the benefits of working with a Chapter 11 bankruptcy lawyer:
- You can take the time to make your mortgage arrearage payments
- Reduce a creditor’s automobile lien
- Overcoming recent debt discharge
- Time to pay off non-dischargeable loans
- Reorganization of debt
- There is no debt limit
Take the Time to Make Your Mortgage Arrearage Payments
Chapter 7 might not be able to save your home if you are behind on your primary residence mortgage payments. The arrearage can be repaid over three to five years by qualified Chapter 13 candidates. However, this may not resolve the problem. These plans require people who are struggling to pay monthly and outstanding payments. This scenario could make it impossible for a person to follow the plan’s guidelines and cause it to fall apart. Your monthly repayment thresholds may not be as high if you file Chapter 11. This is because Chapter 11 reorganization plans may extend mortgage arrearage beyond five years.
By Filing Chapter 11 as an Individual, You Can Reduce a Creditor’s Automobile Lien
A Chapter 11 filing has a caveat that applies to automobiles and fair market value. A Chapter 11 filing does not allow a vehicle that was financed within 910 days of filing to reduce the asset’s balance with declining value. Imagine that you purchased a car new for $50,000 last year, but its value has decreased to $30,000. You are still bound to the $50,000 value under Chapter 13. Chapter 11 allows you to keep the $50,000 value, but the lower value at the time the petition was filed is still valid and could reduce your repayment obligation. This is one way that an experienced bankruptcy lawyer can help you understand the bankruptcy code in a way that’s easy to understand.
Overcoming Recent Debt Discharge
It is highly unlikely that the court will allow you to re-file if you have suffered from financial hardship in the last few years. Chapter 7 prohibits a second filing within four years of the date of the last petition. A Chapter 13 filing is usually limited to two years. This is often used to provide relief for people whose financial situation has been disrupted by unforeseeable circumstances. An expertly crafted petition and a repayment plan that is approved by the court could stop creditors from taking your assets or selling them.
Time to Deal With Non-dischargeable Debt
Not all debts can be discharged by bankruptcy. Child support, alimony, and payroll taxes are not exempt. These payroll taxes can follow you even if the business is closed. One of the most remarkable reasons Chapter 11 is so useful is the ability to tap the brakes. Chapter 11 petitions can stop the Internal Revenue Service from aggressively imposing ongoing penalties and fees that continue to accumulate. A determined Chapter 11 bankruptcy lawyer might be able to negotiate a settlement agreement with the IRS to lower the amount owed and allow you to move on with your lives.
Take Control of Your Financial Situation. Contact Our Law Firm
There is no reason to wait and see what will happen with debt. Call our law firm at 850-385-0342 or fill out our online form to set up a free initial consultation.
We pride ourselves on our commitment to our clients and availability. You can count on us to return all inquiries promptly. We are available day and night.
We are a debt relief agency. Bruner Wright P.A. helps people file for bankruptcy relief under the Bankruptcy Code.
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