Helping Clients File Chapter 11 Bankruptcy in New Jersey
Chapter 11 bankruptcy is well-known as a debt relief tool for businesses, partnerships and corporations. However, it can also be used by a high net worth individual who is over the debt limit for Chapter 13 or who has sizeable nonexempt assets such as real estate.
At Markowitz Gravelle, LLP, we represent professionals, doctors, business executives, real estate developers, contractors and other individuals with a high net worth. Perhaps your business or professional practice has experienced a slowdown recently, or maybe you have multiple real estate holdings and are upside down on the mortgages. Speak with us today to learn how we may be able to help you manage your debt. To schedule an appointment, please call our Trenton individual Chapter 11 bankruptcy attorneys at 866-437-1189 or contact us online.
Experienced Chapter 11 Counsel
When the Chapter 11 bankruptcy petition is filed with U.S. Bankruptcy Court, the case is considered in progress and the individual begins to benefit from the automatic stay. This stops all collection and creditor actions during the bankruptcy process. During this time, creditors may not seize collateral or filing or foreclose on liens. Additionally, no creditor harassment or wage garnishment is allowed.
Reorganizing debt and finances is the primary objective in Chapter 11 bankruptcy. The individual has 120 days from filing Chapter 11 to submit a reorganization plan for approval by a creditors committee and the court. We assist clients with the preparation of this plan, which typically lowers the payments on secured debts.
After the plan is approved, the debtor will repay obligations according to the plan. Under the reorganization plan, the individual is allowed to discharge some of his or her debt.
Filing Chapter 11 bankruptcy has benefits, but it requires considerable planning and time. If you are considering filing Chapter 11, contact a lawyer as soon as possible so we can begin working on a plan.
Contact Us
Please call us at 866-437-1189 to speak with one of our experienced lawyers. Located in Lawrenceville, the firm represents clients throughout Mercer County and the surrounding area.
