The Differences Between Chapter 7 And Chapter 11 Bankruptcy
Chapter 11 Bankruptcy
While Chapter 7 is often known as liquidation bankruptcy, Chapter 11 is essentially reorganization bankruptcy. For high net worth individuals or businesses seeking to restructure and continue operating, Chapter 11 can be a viable debt relief option. We have extensive experience in successfully creating plans of reorganization that allow you or your company to move forward in a positive direction.
Our lawyers have a breadth of experience in bankruptcy law and routinely represent debtors, creditors, trustees and creditor committees in bankruptcy cases. We can provide you with “big picture” guidance based on our combined knowledge of bankruptcy and business law.
Chapter 7 Bankruptcy
For business owners or successful individuals concerned with personal liability, Chapter 7 offers an effective debt relief solution. Depending on the structure of your business or personal finances, you may be a good candidate to seek relief through federal bankruptcy laws. Filing for Chapter 7 can potentially discharge unsecured debt, leaving business owners with a clean financial slate.
Chapter 7 bankruptcy triggers the automatic stay — a legal injunction that stops creditors from taking collection or enforcement actions against you, including garnishment, repossession and foreclosure. For individuals and business owners, the protections offered by Chapter 7 can preserve assets and buy valuable time to work toward restructuring your financial situation.
At Shulman Bastian Friedman & Bui LLP, our attorneys can help you explore all of your debt relief options, including Chapter 7 and out-of-court workouts. If you decide filing for Chapter 7 bankruptcy is right for you, we will guide you through all aspects of the bankruptcy process.
We represent both creditors and debtors in Chapter 7 bankruptcy and insolvency-related matters.
Creditors’ Rights And Purchase Of Estate Assets
Whether you are creditor owed money from a bankruptcy estate, or an individual or business interested in purchasing assets from an estate, our experienced business attorneys can navigate you through the procedural loops and help you receive what you are owed, or help you to acquire an asset you are interested in.