The Gorski Firm, APC assists businesses and certain individuals in filing for bankruptcy under Chapter 11. Our Bakersfield office serves clients throughout Kern County including, Keane, Golden Hills, Tehachapi, Wasco, Taft and Rio Bravo. Our Long Beach office serves Signal Hill, San Pedro, Lakewood, Seal Beach and Naples with their Chapter 11 bankruptcy needs.
Chapter 11 Overview
Businesses and Chapter 11
Chapter 11 bankruptcy protection is available to businesses that are experiencing financial troubles. Under Chapter 11, a business can continue to operate while it restructures its debts. Many businesses favor Chapter 11 over Chapter 7 because it permits the business to continue operations while providing protection from creditors during the reorganization period. Under Chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization.
Individuals and Chapter 11
Additionally, Chapter 11 bankruptcy protection is available to individuals who are ineligible to file under Chapter 13 because their secured debts or unsecured debts exceed certain thresholds. In the case of individuals, Chapter 11 is similar to Chapter 13 in that the debtor's earnings and property acquired after filing become property of the bankruptcy estate, the plan may be funded from future earnings, and plan confirmation over a creditor's objection requires all of the debtor's disposable income over five years unless the plan pays the claim in full, with interest, over a shorter period of time.
Free Consultation
If you are considering filing for Chapter 11 bankruptcy protection, contact The Gorski Firm, APC for a Free Consultation at 661-952-9740 to speak to a Bakersfield Chapter 11 attorney or 562-206-0025 to schedule a free consultation with a Long Beach Chapter 11 bankruptcy attorney.