Step-By-Step Guidance Through The Chapter 11 Process
At the Law Offices of Buddy D. Ford, P.A., in Tampa, we are highly experienced in Chapter 11 bankruptcy. Our lawyers have handled more Chapter 11 cases than most firms in the Middle District of Florida.
In addition to being a skilled attorney, Buddy Ford is board-certified as a business bankruptcy specialist by the American Board of Certification and has experience serving as a Chapter 11 trustee and counsel to creditors’ committees. He understands the Chapter 11 bankruptcy process inside and out and knows how to make the process work for you.
Your Chapter 11 bankruptcy begins when you file a petition in bankruptcy court. During the pendency of your bankruptcy proceeding, you will remain in control of your business and assets as a “debtor in possession.” This means that a bankruptcy trustee will not take over daily operations. However, the bankruptcy court will have control over major decisions such as sales of assets, entering into leases or mortgages, and entering into certain contracts.
One of the major benefits of any bankruptcy is the automatic stay. The stay prevents creditors from contacting you or pursuing any collection action while your bankruptcy is being determined.
After filing your Chapter 11 petition, you have about four months to submit a reorganization plan. A reorganization plan restructures your finances and lays out how creditors will be paid.
After your reorganization plan has been submitted, creditors may file oppositions to the plan. The bankruptcy court will evaluate these challenges when determining whether to approve your plan.
The final step in your Chapter 11 bankruptcy is confirmation, or the approval of your reorganization plan, and discharge of debt. The bankruptcy court evaluates numerous factors when deciding whether to confirm. Once your plan is approved, you begin the repayment process. The length of this process is determined by your plan, formulated and proposed by the firm’s attorneys.
How Bankruptcy Courts Differ
The bankruptcy court is a court of equity that favors you, as the debtor. Instead of being confined to the four corners of a loan document or other legal agreements — which are heavily weighted in favor of creditors — the court is able to find a fairer debt solution. Bankruptcy often “levels the playing field.” By modifying the terms of mortgages, liens and contracts and creating payment plans, debtors are able to retain their collateral and regain control of their financial health.
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We are a debt relief agency. We help businesses and individuals file for debt relief under the Bankruptcy Code.