Chapter 11 Bankruptcy

At Methner and Associates, we handle Colorado Chapter 11 Bankruptcy cases for individuals who do not meet the debt limitations required in Chapter 13 Bankruptcy. Chapter 13 Bankruptcy requires that an individual must have less than $307,675 in unsecured debt, and less than $922,975 in secured debt. If an individual exceeds the debt limitations, they may be subject to a Chapter 11 Bankruptcy to reorganize their finances. There are no debt limitations for a Chapter 7 Bankruptcy; however, not everyone qualifies for relief under Chapter 7 of the Bankruptcy Code.

A Chapter 11 case will take anywhere from several months to several years, and a Chapter 11 Plan for Reorganization takes a significant amount of time to prepare. The plan is essentially a contract between the individual who filed the bankruptcy and the creditors. The plan controls the repayment terms on the debt. There are many ways to prepare a plan, subject to the limitations of the Bankruptcy Code; an attorney will try to use various strategies to maximize your financial position. At best, the plan will be negotiated and ready for filing 4 to 6 months after the Chapter 11 case is filed.

Time spent on the Chapter 11 prior to filing the case is the key to a successful Chapter 11 Bankruptcy. Quickly filed emergency cases often fail as unforeseen legal issue crop-up throughout the case rather than before the filing. Therefore, as much documentation as possible should be prepared prior to the filing of the Chapter 11 case. This preparation will increase your chances of success.

Many hours of hourly-rate attorney time are needed to properly prepare, file, and complete a Chapter 11 case. After the initial retainer is used up, a bankruptcy attorney is unlikely to be further compensated until the reorganization is successfully completed. For this reason, Chapter 11 attorneys will require a substantial initial retainer prior to agreeing to file a Chapter 11 case.

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Contact our Colorado bankruptcy lawyers to schedule an informative consultation that will help you take control of your financial affairs and reduce your anxiety. Our bankruptcy attorneys will help you determine if bankruptcy is the right option for you, and what other options may be available given your unique situation.

A qualified attorney will review your case and discuss your options. This informative, one-hour, initial consultation will give you knowledge, options, and directions that can put you control and help you manage debt. Do not wait. Contact us today, so we can help you

ALLEVIATE THE PRESSURE AND ANXIETY CREATED BY DEBT.