Chapter 11

Brooklyn Business Bankruptcy Attorney

Our Brooklyn bankruptcy lawyer, Norma Ortiz, handles all types of bankruptcy filings, including those for Chapter 11* protection. She has an in-depth understanding of bankruptcy, having clerked for a bankruptcy judge and worked in the United States Department of Justice as a bankruptcy prosecutor. She shares her in-depth knowledge of the new bankruptcy laws during Continuing Legal Education (CLE) seminars with the Hispanic National Bar Association and with other attorneys.

She represents people and businesses in Chapter 11 filings throughout the New York City and Newark, New Jersey, areas. To speak with her about Chapter 11 or any type of bankruptcy filing, contact our Brooklyn office. Call Ortiz & Ortiz at 718-522-1117.

What is a Chapter 11 bankruptcy?

Both companies and certain individuals can file for Chapter 11 bankruptcy protection. Chapter 11 is similar to Chapter 13 because it allows the petitioner to retain property. It is also similar in that it establishes a monthly payment plan. Although most Chapter 11 filings are for businesses and corporations, individuals with debts above a specified threshold can file for Chapter 11 protection. This form of bankruptcy filing is often used by establishments such as medical groups, professional associations, and non-profit organizations.

Chapter 11 bankruptcy focuses on reorganizing the debt so that the business can continue to operate. This differs from a Chapter 7 bankruptcy, which liquidates the assets of the business and causes it to stop operating.

How a Chapter 11 works

During the Chapter 11 process, the bankruptcy court can relieve the business or individual of some or all of the debt so it can make a fresh start without ceasing operations. The court may cancel some contracts and obligations. When it does this, the goal is to treat all creditors equally.

Like other bankruptcy filings, a Chapter 11 bankruptcy petition results in an automatic stay of any collection efforts by creditors. In addition, a Chapter 11 can result in the business being sold or transferred to creditors. Petitioners must present a reorganization plan under Chapter 11 of the bankruptcy code within a certain period of time; after that time elapses, the court will consider proposals from creditors as well.

Contact a bankruptcy lawyer with experience and knowledge

Our bankruptcy lawyer has detailed knowledge of Chapter 11 reorganization. She will guide you through the process, ensuring that all deadlines are met and anticipating problems that may arise. Her goal with every bankruptcy filing is to protect the interests of the client and achieve the best possible outcome under the circumstances. She has an excellent record of accomplishment with Brooklyn bankruptcy judges, who appreciate her hard work and thorough preparation.

To learn more about Chapter 11 and whether it is right for you or your business, contact our Brooklyn law firm, Ortiz & Ortiz.

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*We are a debt relief agency – Serving New York City and the Newark, New Jersey areas in bankruptcy cases