Redford Township Chapter 11 Bankruptcy Lawyer

One of the Best Chapter 11 Bankruptcy Attorneys in Redford Township, MI

Office Location

23843 Joy Rd
Dearborn Heights, MI 48127

Monday – Friday : 9:00 am – 5:00 pm
Saturdays : 9:30am – 11:30 in office or by phone

We offer late night appointments as late as 6:30 by phone or in person Mon-Thur.

Highly Recommended

Get a Free Consultation

Redford Township Chapter 11 Attorney

When facing financial difficulties in Redford, utilizing Chapter 11 bankruptcy can be the key to restructuring and regaining your financial stability. At Frego & Associates, our Redford Township Chapter 11 bankruptcy attorneys provide 24/7 legal support for you to regain control of your financial future.

From offering personalized legal solutions to ensuring continuity of your business operations during proceedings, the experience of our Redford Township Chapter 11 lawyers is invaluable.

Call (313) 724-5088 today to connect with our local Chapter 11 lawyer and begin the process of your Chapter 11 bankruptcy.

Chapter 11 Bankruptcy: Key Concepts

Chapter 11 bankruptcy is primarily designed for you if you’re a financially struggling business owner looking to restructure your operations and debt. This type of bankruptcy filing allows you to work closely with your creditors and the court to create a feasible repayment plan. [1]

A Chapter 11 case starts with filing a petition in the bankruptcy court where you reside or have your business. This petition can be voluntary (bankruptcy filed by the debtor) or involuntary (bankruptcy filed by qualifying creditors). A business can claim if it has fewer than 12 creditors, or has unsecured claims of $18,775. If there are 12 or more creditors, we can examine the situation to see if it still qualifies. 11 U.S. Code § 303.

Unlike other types of bankruptcy filings, Chapter 11 enables your businesses to maintain most or all of your assets while reorganizing your financial affairs. The restructuring process aims to help your businesses remain operational while responsibly addressing your debts. Filing for Chapter 11 might be appropriate for you if your business requires time and a strategic approach to repay creditors.

Chapter 11 Bankruptcy: Key Concepts

Key Benefits of Chapter 11 Bankruptcy:

  • Debt Reorganization: Chapter 11 bankruptcy helps to modify and restructure debts, offering significant debt relief options.
  • Asset Retention: It helps you to keep most or all business assets intact.
  • Business Continuity: Businesses can maintain continuity by sustaining operations while addressing financial issues during Chapter 11 bankruptcy.
  • Structured Repayment: Develop a court-approved repayment plan to systematically address and settle outstanding debts.
  • Possible Credit Reduction: The possibility of lowering the total amount owed to creditors is another benefit of Chapter 11 bankruptcy.
  • Extended Time: Filing for Chapter 11 bankruptcy can buy time for your business to sell real estate with equity or deal with delinquent taxes.
  • Flexibility in Managing Liens and Contracts: Businesses have the discretion to avoid liens and reject leases and contracts without facing penalties.

For Redford Township business owners in financial distress, understanding and utilizing Chapter 11 can provide a viable path to achieving long-term financial stability.

Chapter 11 vs. Other Bankruptcy Types

Chapter 11 bankruptcy focuses on helping financially distressed businesses reorganize debts and maintain operations. In contrast, Chapters 7 and 13 are more individual-focused.

Here’s a quick comparison:

  • Chapter 11: Chapter 11 is designed primarily for businesses, focusing on reorganizing debt and leveraging future revenue to help maintain operations. It allows the business to keep most of its assets, which is essential for ongoing operations.
  • Chapter 7: In contrast, Chapter 7 is tailored more for individuals and involves liquidating assets to repay creditors, effectively settling debts, and preventing creditor harassment.
  • Chapter 13: “Chapter 13 is called reorganization bankruptcy. It helps individuals by giving a 3 to 5-year repayment plan. They can keep their assets if they have a steady income to pay back debts.”

When is the Right Time to File for Chapter 11 Bankruptcy?

File for a Chapter 11 bankruptcy when your business can’t meet debt obligations but still has a solid operational foundation and potential profitability. Early filing can help avoid more severe financial damage and preserve business relationships and assets.

Taking swift action to file for Chapter 11 enables businesses to leverage court protection to halt creditor actions while formulating a strategic plan for debt reorganization.

To embark on this journey, collaborate with our proficient Redford Township Chapter 11 bankruptcy lawyers at Frego & Associates. Our bankruptcy attorneys can help craft a detailed strategy to present to the bankruptcy court and creditors, ensuring you emerge from the process stronger and more resilient.

When is the Right Time to File for Chapter 11 Bankruptcy?

How Our Redford Township Chapter 11 Bankruptcy Attorney Can Help You

Frego & Associates, Michigan’s largest bankruptcy filer for the past 20 years, offers invaluable support to businesses in Redford Township facing Chapter 11 bankruptcy. With a primary focus on tailoring legal solutions to fit your unique needs, our experienced bankruptcy attorneys provide the guidance every step of the way.

Through compassionate service and professional dedication, our Redford Township bankruptcy lawyers empower you to stabilize your financial situation and keep your businesses afloat during challenging times.

Services offered:

  • Case Evaluation and Strategic Planning: Every business encounters unique financial hurdles. Our bankruptcy process begins with a thorough evaluation of your specific circumstances, analyzing aspects like debts, assets, and revenue streams to assist you in making informed bankruptcy decisions.
  • Legal Adherence: The Chapter 11 process requires adhering to a complex set of legal requirements and meeting strict deadlines. We meticulously handle all filings, disclosures, and court proceedings to ensure full compliance with bankruptcy law, reducing the likelihood of delays or issues that could potentially undermine your case.
  • Protecting Your Business: One significant benefit of filing for Chapter 11 bankruptcy is that it allows your business to keep running while you work on reorganizing debts. We support uninterrupted business operations, safeguard your revenue streams, and preserve customer relationships throughout the restructuring phase.
  • Developing an Effective Reorganization Strategy: Crafting and gaining approval of a reorganization plan is pivotal to a successful Chapter 11 case. Our reputable Chapter 11 bankruptcy lawyers collaborate with you to create a strategy that not only manages debt but also ensures your business remains operational. This involves prioritizing essential expenses, renegotiating agreements, and spotting areas for potential cost reductions.
  • Creditor Negotiations: As a prominent bankruptcy law firm, we bring substantial experience to the table in advocating for businesses during negotiations with creditors. Our goal is to secure terms that facilitate manageable repayment plans, thereby minimizing any disruption to your business operations.
  • Strong Litigation and Dispute Resolution: Disputes may emerge during the bankruptcy proceedings, involving creditors, vendors, or various stakeholders. Our proficient litigators are prepared to advocate for your interests in court, ensuring the protection of your rights and assets throughout the intricate bankruptcy process.
  • Post-Bankruptcy Support: Our dedication to our clients extends beyond the finalization of your bankruptcy case. We continue to provide assistance to promote the recovery and growth of your business. It includes guidance on managing finances effectively and managing risks, helping to secure a stable and prosperous future for your enterprise.

We are open now! Get in touch with our top-rated Chapter 11 bankruptcy attorneys in Redford Township today to discuss your bankruptcy needs. Contact us for your free Chapter 11 consultation today.

Source:

[1] Chapter 11 – Bankruptcy Basics. (n.d.). United States Courts. https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics

Received Accolades:
206-2010, 2012, 2014-2021

American Bankruptcy Institute

Certified as a Bankruptcy Specialist by ABC

National Association of Consumer Bankruptcy Attorneys

Better Business Bureau

Office Location

23843 Joy Rd
Dearborn Heights, MI 48127

Monday – Friday : 9:00 am – 5:00 pm
Saturdays : 9:30am – 11:30 in office or by phone

We offer late night appointments as late as 6:30 by phone or in person Mon-Thur.

Highly Recommended

Get a Free Consultation

We're available

Get a Free Consultation

Pay Nothing, Unless We Win
This field is for validation purposes and should be left unchanged.