File For Chapter 11 Bankruptcy
Reliable Atlanta Bankruptcy Attorney
Chapter 11 bankruptcy is a type of reorganization bankruptcy similar to Chapter 13 in that it seeks to re-organize. It is typically used for businesses, but it can also be used by individuals that fall outside of the specific debt limits set for Chapter 13 bankruptcy. In a Chapter 11 bankruptcy, businesses as well as individuals who have high amounts of debt can restructure their debt to enable them to keep on functioning while they receive protection from their creditors. Our Atlanta bankruptcy lawyers at Khoshnood Law Firm, P.C. can help you to determine whether this is the right step for you to take in your current financial position.
Is Chapter 11 Right for Me?
There are many different factors to consider when you are making a decision. Chapter 11 is quite a bit more expensive than Chapter 13 and Chapter 7. To give you an idea, the filing fee that the court charges to process a Chapter 11 case is more than $1000. This does not include any of the fees which you pay to your attorney. At our firm, we offer unlimited in-office appointments to our clients so that you can discuss all of the concerns on your mind without having to worry about paying for each visit.
Contact our Atlanta bankruptcy attorneys today to learn more about how we can help.
Chapter 11 for Individuals & Businesses in GA
In a chapter 11 case, certain types of contracts called executory contracts can be rejected, meaning that once those contracts are rejected, they don’t need to be followed anymore. If you are an individual and you are considering Chapter 11 bankruptcy, you should consider how much your unsecured and secured debt adds up to and what your net income currently is that can be used to structure your debt.
If you are a business owner and are considering filing for Chapter 11 bankruptcy for your business, you should consider the following:
- How much of business debt is personally guaranteed?
- Can your business be saved?
- What has to happen in order for your business to be saved?
- Do you need to cancel certain contracts?
- Do you need more revenue?
- Do you need to reduce your expenses?
If you are considering Chapter 11 bankruptcy,
request a free evaluation by calling us at (404) 978-4411.