Expert Chapter 11 Bankruptcy Lawyer in Miami - Lacayo Law Firm

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Why Choose Lacayo Law Firm for Chapter 11 Bankruptcy?

Understanding Chapter 11 Bankruptcy in Miami

What is Chapter 11 Bankruptcy?

Chapter 11 bankruptcy, also known as "reorganization bankruptcy," allows businesses to restructure their debts and operations while continuing to operate. This process enables companies to develop a feasible plan to repay creditors over time while maintaining control of their operations.

Eligibility for Chapter 11 Bankruptcy

Chapter 11 bankruptcy is available to corporations, partnerships, and sole proprietorships. Unlike Chapter 7, there is no income requirement or means test for filing Chapter 11. Our attorneys will assess your business's financial condition to determine the most suitable bankruptcy option.

The Chapter 11 Bankruptcy Process

The Chapter 11 bankruptcy process involves several key steps:

  1. Filing the Petition: Submitting the necessary forms and documents to the bankruptcy court.
  2. Automatic Stay: An automatic stay halts all collection actions, allowing the business to operate without creditor interference.
  3. Appointment of a Trustee: In some cases, a trustee is appointed to oversee the reorganization.
  4. Developing a Reorganization Plan: Creating a plan to repay debts and restructure operations.
  5. Creditors’ Meeting and Plan Approval: Creditors review and vote on the proposed reorganization plan.
  6. Implementation of the Plan: Executing the approved plan to repay debts and restore financial stability.

Benefits of Filing for Chapter 11 Bankruptcy

Debt Restructuring and Relief

 

Filing for Chapter 11 bankruptcy allows businesses to restructure their debts, negotiate more favorable terms with creditors, and reduce overall debt burden. This process can provide significant relief and create a sustainable path forward.

 

Continued Business Operations

 

Chapter 11 bankruptcy enables businesses to continue their operations while reorganizing their financial affairs. This continuity helps preserve customer relationships, maintain revenue streams, and protect employee jobs.

 

Protection from Creditors

 

The automatic stay issued during Chapter 11 proceedings halts all collection actions, including lawsuits, foreclosures, and repossessions. This protection provides businesses with the necessary breathing room to develop a viable reorganization plan.

 

Improved Financial Management

 

Through the Chapter 11 process, businesses can implement improved financial management practices, streamline operations, and enhance profitability. This restructuring can lead to long-term financial health and stability.

How Lacayo Law Firm Assists Businesses in Chapter 11 Bankruptcy

Comprehensive Financial Analysis

We conduct a thorough analysis of your business’s financial situation, including debts, assets, income, and expenses. This detailed evaluation allows us to develop a customized strategy for your Chapter 11 bankruptcy case.

Development of a Reorganization Plan

Our attorneys work closely with you to develop a feasible reorganization plan that addresses creditor concerns and meets legal requirements. This plan may include restructuring debt, selling non-essential assets, and implementing operational changes.

Representation in Court

We provide skilled representation in bankruptcy court, advocating for your interests during hearings and negotiations. Our goal is to secure approval of your reorganization plan and ensure a smooth transition through the bankruptcy process.

Negotiation with Creditors

Our team is experienced in negotiating with creditors to reach agreements that are beneficial for your business. We aim to reduce debt obligations, extend repayment terms, and secure more favorable terms to support your business’s recovery.

Post-Bankruptcy Support

After your reorganization plan is approved and implemented, we continue to provide support and guidance. We help you navigate any challenges that arise and ensure compliance with the terms of the reorganization plan.

Frequently Asked Questions About Chapter 11 Bankruptcy in Miami

How does Chapter 11 bankruptcy differ from Chapter 7 and Chapter 13?

 

Chapter 11 bankruptcy focuses on reorganization rather than liquidation (Chapter 7) or individual debt adjustment (Chapter 13). It allows businesses to continue operations while restructuring their debts.

 

Can small businesses file for Chapter 11 bankruptcy?

 

Yes, small businesses can file for Chapter 11 bankruptcy. There are specific provisions under Subchapter V of Chapter 11 designed to streamline the process for small business debtors.

 

How long does the Chapter 11 bankruptcy process take?

 

The duration of Chapter 11 bankruptcy varies depending on the complexity of the case. It can take several months to years to complete, with the reorganization plan often spanning several years.

 

Will my business lose control during Chapter 11 bankruptcy?

 

In most cases, the business retains control of its operations as a debtor-in-possession. However, in certain situations, a trustee may be appointed to oversee the reorganization process.

 

Can Chapter 11 bankruptcy help with tax debts?

 

Yes, Chapter 11 bankruptcy can address tax debts. The reorganization plan can include provisions for repaying tax obligations over time, often with more favorable terms.

Contact Lacayo Law Firm Today for a Free Consultation

Take the First Step Towards Financial Recovery

 

If your business is struggling with debt and considering Chapter 11 bankruptcy in Miami, contact Lacayo Law Firm today for a free consultation. Our experienced attorneys are here to help you navigate the bankruptcy process and achieve financial stability.

 

At Lacayo Law Firm, we are dedicated to providing top-tier legal representation for businesses facing Chapter 11 bankruptcy in Miami. Our experienced team is here to support you every step of the way, from the initial consultation to the successful implementation of your reorganization plan. Don’t hesitate to contact us for a free consultation and take the first step towards securing your business’s financial future.

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The Firm

At Lacayo Law Firm, P.A. we know the value of protecting our families and our community. Founded by brothers Gilbert and Christian, who have spent more than a decade each in the legal field, we aim to provide balanced, complete representation on a wide variety of matters.

Contact Info

  • 6505 Blue Lagoon Dr. Suite 105, Miami, FL 33126

  • (786) 671-4878

  • GLacayo@lacayolawfirm.com