Long Island Chapter 11 Bankruptcy Lawyers
Skilled LI bankruptcy attorneys facilitate business reorganization
The Long Island Chapter 11 bankruptcy lawyers of the Law Offices of Kyle Norton, P.C. understand how much effort and investment you have put into building and trying to sustain your business or professional organization. Our Chapter 11 lawyers in Long Island are dedicated to using our extensive knowledge of the provisions and requirements of Chapter 11 bankruptcy law, coupled with a commitment to the communities in which your business operates, to help you avoid the tragedy of losing it.
Relief for business through Chapter 11 bankruptcy offers both corporations and sole proprietors the opportunity to reorganize their finances. It is generally used by businesses but can be used by individual debtors who do not qualify for Chapter 13 bankruptcy because their debts exceed the Chapter 13 limit. Chapter 11 makes sense for businesses with prospects of future profitability that need to reduce and restructure past debt obligations in order to continue running.
The benefits of reorganization bankruptcy
Chapter 11 bankruptcy is sometimes called reorganization bankruptcy. Once you are under the protection of Chapter 11, you may have a variety of workout options available to help you reorganize the business for eventual emergence from bankruptcy. The most useful benefits that may be available in these situations include—
- New financing and loans with lower interest and longer terms
- Ability to reject and cancel contracts that are not in the best interest of your business
- Release from unprofitable leases
- Extended time to pay up back taxes
- Ability to sell assets free and clear of liens
- Reduction or elimination of tax penalties
- No obligation to repay unsecured creditors
- An automatic stay that protects you from additional lawsuits and collection actions against your business
Under the provisions of the U.S. Bankruptcy Code, most likely you will remain in control of your business operations as debtor in possession during your restructuring, unless the court appoints a separate trustee to oversee and operate your business.
Chapter 11 bankruptcy protection exists to help you get your business back on the road to profitability and success. It does impose significant obligations and time limits. When the future of your Long Island business is at stake, it is crucial to engage our knowledgeable Chapter 11 bankruptcy lawyers in Long Island to advise you prior to filing. We then to represent you throughout the process, ensuring that you conform to all the requirements and can stay on the path to successful reorganization. If your financial concerns are stemming from a personal bankruptcy situation our Long Island Chapter 7 bankruptcy attorneys and Chapter 13 lawyers are here to help.
Save your home. Change your life. Get a fresh start.
For effective, professional advice and assistance when considering filing for bankruptcy and throughout the process, you need an experienced lawyer who is knowledgeable about all of the provisions of the law and who genuinely wants to help. Request our free newsletter and/or sign up for our seminars using the message field on our contact form. Call our emergency legal hotline at 877-871-6179 or contact the Law Offices of Kyle Norton, P.C. online for a free consultation that could possibly save your home, change your life, and get you on track toward a fresh, new start in Long Island.
Your initial, in-person consultation is free.
