Cook, Dupage, Kane, Lake, and McHenry County Bankruptcy Attorneys
Chapter 11 is a bankruptcy plan for individuals with debts too large for Chapter 13 or for businesses not allowed to file under Chapter 13. This bankruptcy protection petition allows individuals and businesses to retain control of their assets, while attempting to reorganize. With this reorganization of debt comes an “automatic stay” upon filing. This stops all actions that creditors may be taking including foreclosure, repossession, bank account garnishment and creditor harassment. At the law offices of Newland & Newland, LLP we are very experienced with this type of Bankruptcy and the detailed process that is involved. We will help you evaluate your situation, determine if Chapter 11 is right for you and get started with debt relief plans right away.
With Chapter 11:
- The company in debt provides the court with a reorganization plan.
- Once approved by the court, the business may be discharged from all of its pre-bankruptcy debts except for the debts to be paid under the reorganization plan.
- Creditors and stockholders may be provided a chance to vote on whether or not to accept the proposed plan; however, the court may still approve the plan if it meets certain standards.
Experienced Illinois Chapter 11 Attorneys
Chapter 11 bankruptcy requires the assistance of highly competent legal counsel. At Newland & Newland, LLP, our lawyers will be focused and dedicated to the details of your case to ensure all proceedings are facilitated as efficiently as possible.If you or your business is considering filing for this type of bankruptcy, contact us. It is crucial to evaluate the case with an experienced attorney before filing the petition. It is also helpful to discuss the likely reorganization strategy well in advance of filing the petition with the court.
Successful Chapter 11 Lawyers
Some cases are more typical than others, but often Chapter 11 can be a complex and lengthy process. At Newland & Newland, LLP, we have successfully represented companies of all sizes in Chapter 11 bankruptcy and we will provide you with experienced, focused counsel. No matter how overwhelming your debt situation may seem, we are prepared to tackle the challenge. We will be completely dedicated to easing your financial burden and getting you on the path to a fresh start.
Contact us to schedule a free initial consultation at our Arlington Heights, Libertyville, Crystal Lake, Waukegan, Itasca or Chicago office. We have built lasting, successful relationships over the past 20 years with Chicago-area clients just like you. Every case is as important to us as it is to our clients.