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Are You Eligible for Chapter 11 Bankruptcy in Portland, OR?
Chapter 11 Bankruptcy Attorney in Oregon
Have you found yourself struggling to keep your business afloat despite financial difficulties? Are you eligible for Chapter 11 Bankruptcy but need help determining where to turn for help? Look no further than Michael D. O’Brien & Associates, P.C., the premier bankruptcy law firm in Oregon! Navigating the complexities of Chapter 11 bankruptcy can be a tiring, and intimidating task, but with over 30 years of experience, Michael D. O’Brien & Associates, P.C. can guide you through the process with confidence. As Portland’s top bankruptcy attorney, Michael D. O’Brien and his team understand the unique challenges facing businesses and are dedicated to providing personalized solutions tailored to each client’s specific needs. So if you’re facing financial struggles and considering filing for Chapter 11 bankruptcy in Portland, OR, turn to Michael D. O’Brien & Associates, P.C. to seek legal guidance you need to get back on track. Schedule a free consultation with our Oregon bankruptcy attorney today!What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is a legal process designed to allow businesses to restructure their debts and operations in order to continue operating while also repaying creditors. It is also commonly known as “reorganization bankruptcy.” This type of bankruptcy is available to businesses that are struggling to pay off their debts but believe they can still operate profitably with some changes. Chapter 11 is often used by businesses with a high value of assets, such as real estate or intellectual property, that they wish to retain, but cannot afford to pay off their debts in a timely manner.How Do I Know If I’m Eligible to File for Chapter 11?
If you’re considering filing for Chapter 11 bankruptcy, it’s important to understand the eligibility requirements. Here are some important points to consider:- Business or Individual: Chapter 11 bankruptcy can be filed by both businesses and individuals. However, the eligibility requirements are different for each.
- Debts: To be eligible for Chapter 11 bankruptcy, your debts must exceed your income or assets. In other words, you must be unable to pay your debts as they become due.
- Size: Individuals (as a single individual, a married couple, or sole proprietorship) desiring to reorganize their debt can file in Chapter 11 and need to file in Chapter 11 (as opposed to Chapter 13) if the amount of the debt of an individual debtor either exceeds $419,275. in unsecured debt or $1,257,850. in secured debt, Chapter 11 Subchapter V is limited to “small business filers” with a total debt burden of $3,024,725 or less.
- Credit Counseling: Before filing for Chapter 11 bankruptcy, you must complete a credit counseling course from an approved agency.
- Good Faith: To be eligible for Chapter 11 bankruptcy, you must file in good faith. This means that you must be filing for bankruptcy to reorganize your debts and continue operating your business, rather than simply to avoid paying your creditors.
How Do I File For a Chapter 11 Bankruptcy?
If your business is struggling financially, filing for a Chapter 11 bankruptcy may be a viable option to restructure and regain financial stability. However, the process can be complex and overwhelming. In this guide, we will outline the necessary steps and requirements to file for a Chapter 11 bankruptcy.- Consult with a bankruptcy attorney: The first step is to consult with a bankruptcy attorney who can advise you on whether Chapter 11 bankruptcy is the right choice for your business. The attorney will also explain the process, the timeline, and the costs involved.
- Prepare and file a petition: Once you have decided to file for Chapter 11 bankruptcy, your attorney will help you prepare a petition that includes your financial statements, schedules, and other required documents. The petition must be filed with the bankruptcy court in your district.
- Automatic stay: Once the petition is filed, an automatic stay goes into effect, which stops most collection actions against your business, including foreclosures, repossessions, and lawsuits.
- Develop a reorganization plan: In a Chapter 11 bankruptcy, the debtor (your business) typically remains in possession of its assets and continues to operate under court supervision. You will work with your attorney to develop a reorganization plan that outlines how you will restructure your debts and continue to operate your business.
- Confirmation of the plan: After you have developed a reorganization plan, you will need to present it to your creditors for approval. If the plan is approved, it must then be confirmed by the bankruptcy court.
- Implementation of the plan: Once the plan is confirmed, you will need to implement it. This may involve selling assets, renegotiating contracts, and making payments to creditors according to the plan’s terms.
Why Do I Need a Chapter 11 Bankruptcy Attorney in Oregon?
Chapter 11 bankruptcy is a complex and lengthy legal process that allows businesses and individuals to reorganize their debts while continuing to operate their businesses or manage their assets. Here are a few reasons why you may need a Chapter 11 bankruptcy attorney:- Understanding the Process: An experienced attorney can help you understand the process of Chapter 11 bankruptcy, what to expect, and what steps you need to take to achieve a successful outcome.
- Protecting Your Interests: A Chapter 11 bankruptcy attorney can help protect your interests by negotiating with creditors, representing your interests in court, and ensuring that your rights are protected throughout the process. They can also help you develop a plan of reorganization that is tailored to your case.
- Maximizing Your Assets: An experienced attorney can help you maximize the value of your assets by developing a plan that enables you to retain as much of your business or property as possible.
- Navigating Complex Legal Issues: Chapter 11 bankruptcy can involve complex legal issues, such as tax liabilities, regulatory compliance, and contractual obligations. A Chapter 11 attorney can help you navigate these issues and ensure that you are in compliance with all relevant laws and regulations.
Call Our Chapter 11 Bankruptcy Attorney in Portland, OR Now!
If your business is facing financial difficulties, filing for Chapter 11 bankruptcy can be an effective solution to help you restructure your debt and get your business back on track. If you are wondering if you are eligible for Chapter 11 bankruptcy and wants to learn more about the process, having a trusted attorney is advantageous. At Michael D. O’Brien & Associates, P.C., our team of experienced Chapter 11 bankruptcy attorneys in Portland, OR has helped numerous businesses successfully navigate the bankruptcy process and emerge stronger and more profitable than ever before. Don’t let financial stress continue to weigh on your business. Call our OR bankruptcy attorneys now and take the first step toward financial freedom. We are committed to providing you with the support and guidance you need to achieve a successful outcome. We can also help you in other practice areas like Debt Alternatives and Estate Planning. With Michael D. O’Brien & Associates, P.C. on your side, you can feel confident that your business is in good hands. Contact us today to schedule a free consultation!
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