Chapter 11 Bankruptcy Attorney in Jupiter, FL
Whether your business is struggling due to a decrease in demand or complications due to the pandemic, Gort Law is here to help you navigate a Chapter 11 bankruptcy. If you are considering filing bankruptcy for your small business, our lawyer is available to answer your questions.
Contact us online or call (561) 778-7047 today to schedule a free initial consultation with our Jupiter Chapter 11 bankruptcy lawyer.
What Is Chapter 11 Bankruptcy?
Chapter 11 is a legal process to reorganize debt. You submit a Plan of Reorganization to the court, and your creditors get to vote on the plan. To succeed, the plan must be approved by both the court and a majority of the creditors (in both numbers and dollars). In most cases involving critics, creditors are not competing over assets. Rather, they are competing over which future earnings they have a right to (those of the business).
Unveiling the Truth: Clarifying Common Myths About Chapter 11
Navigating the complexities of Chapter 11 can be daunting, and misinformation often leads to unnecessary anxiety. At Gort Law, we believe in empowering our clients with accurate information to make informed decisions.
Here are some common myths about Chapter 11 bankruptcy that we want to clarify:
- Myth 1: Chapter 11 is Only for Large Corporations.
- Truth: Actually, many individuals and small businesses can benefit from Chapter 11 protection. It’s designed to help anyone reorganize their debts and regain financial stability.
- Myth 2: Filing for Chapter 11 Means Losing Everything.
- Truth: Contrary to popular belief, you can often retain your assets and remain in control of your financial affairs while restructuring your debts. Our team will work with you to develop a plan that protects your interests.
- Myth 3: Chapter 11 is a Permanent Solution.
- Truth: While Chapter 11 can provide significant relief, it’s essential to have a solid plan in place for the future. We’ll guide you through the process to ensure you emerge stronger.
- Myth 4: It Will Ruin Your Credit Forever.
- Truth: While filing for bankruptcy can impact your credit score, many clients find that they can rebuild their credit more quickly than they anticipated, especially after successfully completing the Chapter 11 process.
Understanding these myths can help alleviate fears and misconceptions about Chapter 11 bankruptcy. If you have more questions or need personalized advice, don’t hesitate to reach out to our experienced team at Gort Law. We’re here to help you navigate your financial journey with confidence.
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"His Integrity is Bar None"Mike Gort is a very knowledgeable attorney with experience on both sides of the transaction or situation. His honesty and integrity is bar none. His communication was always on point.- Former Client
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"Friendly & Reliable"Very professional and competent, friendly and very reliable. A man with a lot of experience. I can really recommend him very much.- Ulrik R.
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"My Go-To Guy"Mike is my go-to guy for all bankruptcy and debtor/creditor issues in my divorce and immigration practice. Knowledgeable, experienced and professional; I cannot recommend him highly enough.- Former Client
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"Fantastic Job"We were more than pleased with Michael - he was attentive and professional in every way. We won our case hands down and we owe it all to Michael. He did a fantastic job for us.- Former Client
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"Superb and Comprehensive Job"Mr. Gort did a superb and comprehensive job while representing me during my legal matter. He was not only completely astute and knowledgeable when it came to the law, he was very forthright and compassionate.- Former Client
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"Great Small Business Lawyer"Mike helped me resolve a serious real estate financial matter and he was invaluable to me in developing of my (now public) company. His experience and business knowledge complement his legal training beautifully!- Roy W.
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"He Really Cares"Mr. Gort is extremely knowledgeable and took the time to work on our matter. We were able to easily get in contact with him and feel that he really cares about the people who he represents.- Former Client
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"He Did A Stellar Job"Mr. Gort did a stellar job in my representation. His legal knowledge combined with his compassion and empathy made the journey through my legal matter maneuverable with the best resolution possible.- Former Client
Benefits of Filing Chapter 11 Bankruptcy
Filing for Chapter 11 bankruptcy protection can provide you and your company an opportunity to restructure long-term debt, get out from under a lease, and/or rid your business of unwanted contractual obligations.
The benefits of Chapter 11 bankruptcy include:
- Protection from further collection activity
- The right to reject and walk away from contracts or leases that are no longer beneficial to your company
- A forum or mediator to resolve your company's financial problems
- The chance to negotiate reduced obligations and @cancelency obligations with your bank and trade creditors
What is the Typical Duration of Chapter 11 Bankruptcy?
How long Chapter 11 takes can vary significantly based on several factors, but it typically takes anywhere from several months to a few years to complete. The complexity of the case is a major determinant, as more intricate financial structures or legal issues may require additional time to resolve. Similarly, the size and nature of the business can impact the timeline; larger corporations with extensive assets and liabilities may face longer proceedings compared to smaller entities.
Negotiations with creditors also play a crucial role in the duration of Chapter 11. Reaching amicable agreements on debt restructuring can expedite the process, while contentious negotiations may prolong it. Additionally, the efficiency of court proceedings and the specific requirements of the reorganization plan can affect the timeframe.
Working with an experienced attorney is vital in navigating Chapter 11 efficiently. A seasoned legal team can help streamline negotiations, ensure compliance with legal requirements, and develop a robust reorganization strategy tailored to your unique situation. Understanding these factors can prepare you for the journey ahead and help you manage your expectations regarding the timeline of Chapter 11 bankruptcy.
Our Firm Takes a Hands-on Approach to All Our Cases
Many struggling businesses do not have the time or money to wade through endless amounts of bankruptcy paperwork. In certain scenarios, our attorney can help clients with their Chapter 11 bankruptcy petition by filling out the required paperwork with them at their own place of business.
Our firm does not want to leave our clients in any state of confusion or panic — we want to help them make smart, important decisions about their business and financial future.
Our lawyer understands how this complicated process works and can provide you with the experienced legal representation you need to pursue the protection of Chapter 11 bankruptcy. Countless businesses have turned to our team for advice and guidance. We work relentlessly to ensure that companies obtain a successful bankruptcy exit.
To speak to a Chapter 11 bankruptcy attorney in Jupiter, call Gort Law at (561) 778-7047 today. We also represent clients in Palm Beach Gardens, Fort Pierce, Port St. Lucie, and Indian River County.
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