Southfield Chapter 11 Bankruptcy Lawyer

Let Us Assist Your Business

It is challenging for any business to survive in the marketplace. Many business owners are driven into debt due to circumstances outside their control. While business owners consider filing for bankruptcy at the end of their company, filing for Chapter 11 can help keep a business' doors open while it regains its financial footing.

At Goldstein Bershad and Fried, PC, we have helped countless Michigan business owners salvage their finances and correct the trajectory of their company. With more than 100 years of combined legal experience, our bankruptcy attorneys know how to navigate Chapter 7, Chapter 11 and Chapter 13 filings to ensure that our clients benefit as much as possible from the available protections.

UNDERSTANDING CHAPTER 11 BANKRUPTCY

If you think filing for bankruptcy is the right choice for your business debts, the first step is to meet with a bankruptcy firm. We can sit down with you and discuss your financial situation to decide whether this is the best solution for you and your company.

If we decide to move forward, we can assist you with the paperwork and ensure the filing goes smoothly. Chapter 11 involves restructuring debt and proposing a plan to creditors that describes repayment of a percentage of the original amount.

In a Chapter 11 Bankruptcy:

• An Unsecured Creditors' Committee may be formed to help form the plan
• The debtor proposes a repayment plan to creditors
• The plan can include a six-year payout schedule for taxes
• The creditors vote on whether the plan satisfies an acceptable amount

In Chapter 11 cases, some parties may have priority for repayment over others. For instance, secured creditors and landlords often must be paid before other parties. Our firm can help you manage this hierarchy of payments and ensure that your Chapter 11 plan satisfies the right creditors at the right time.

NEGOTIATING DEBT RELIEF IN SOUTHFIELD

Suppose your business is in a dire situation and wants to keep it open and operating. In that case, our Chapter 11 lawyers are here to help. You can rely on us to provide dedicated representation at every process step. Ultimately, we are looking to offer you and your business the stability it needs to forge ahead in the marketplace with confidence.