Florida Chapter 11 Bankruptcy: Financial Reorganization
The attorneys of McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A., represent clients in Chapter 11 bankruptcy proceedings. Chapter 11 allows businesses and high net worth individuals to construct a plan for repaying a portion of their debt over time or more effectively liquidating their assets.
Most people think of Chapter 11 as a process for reorganizing a business. Individuals whose income, assets or debt exceed the limits of a Chapter 13 bankruptcy may also file Chapter 11. Our lawyers can review your case and determine whether filing Chapter 11 bankruptcy is an option in you.
In a Chapter 11 bankruptcy, the debtor initially has an exclusive opportunity to file a debt restructuring plan. The plan must be accepted by creditors and approved by the court. Under certain circumstances creditors may be permitted to file their own plan. Disputes over competing plans can complicate and delay a Chapter 11 bankruptcy proceeding. Our firm can represent you in filing bankruptcy as well as in any litigation that may develop during the process.
Immediately after a Chapter 11 bankruptcy case has been filed, an automatic stay prevents creditors from taking collection actions against the Debtor and its property, including judgments, lawsuits and garnishments. The debtor does not have to pay most pre-petition debt, including taxes, during this time.
Chapter 11 allows the debtor to retain assets and allows businesses to continue to function during the reorganization period. It can result in a significant reduction in debt and a chance for a fresh financial start.