{"id":10346,"date":"2019-08-30T13:42:09","date_gmt":"2019-08-30T13:42:09","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=10346"},"modified":"2019-08-30T13:42:15","modified_gmt":"2019-08-30T13:42:15","slug":"what-is-a-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/what-is-a-chapter-11-bankruptcy\/","title":{"rendered":"What is a Chapter 11 bankruptcy?"},"content":{"rendered":"

What is a Chapter 11 bankruptcy, do they ever happen in Brooklyn, NY, and do I need Chapter 11 bankruptcy attorneys<\/a> to file a Chapter 11 case?<\/p>\n

1.\u00a0 Chapter 11 bankruptcy is “reorganization,” as opposed to Chapter 7 “liquidation.”\u00a0 It’s frequently\u00a0 used by corporations that need bankruptcy protection.\u00a0 And it’s also often used by individuals with significant assets. \u00a0As of February 2020, a new law, the Small Business Reorganization Act of 2019, will make it much easier for small business owners successfully to file for Chapter 11 bankruptcy protection. \u00a0(In the future we will post a more detailed summary of the new law.)<\/p>\n

A reorganization generally means that the entity will continue to remain in business, so the bankruptcy process is different from that of a liquidation. For example, under Chapter 11 the debtor can cure defaults, assume or reject leases, restructure obligations, pay taxes over time along with a number of other options.<\/p>\n

However, it is possible to use Chapter 11 bankruptcy for a liquidation as well.\u00a0 It all depends on your circumstances and strategic aims, which means it’s a good idea to consult with Chapter 11 bankruptcy lawyers.<\/p>\n

2.\u00a0 Yes, Chapter 11 bankruptcies happen in Brooklyn, NY all the time. I’ve been practicing bankruptcy since 1978 and have handled a number of them.\u00a0 I’ve even taught a course on small business bankruptcy<\/a> for the Practicing Law Institute and co-taught a course on business bankruptcy for the New York County Lawyers Association.<\/p>\n

3.\u00a0 And yes, Chapter 11 bankruptcy attorneys are needed if you plan to file for Chapter 11.\u00a0 It’s a very different experience from Chapter 7.\u00a0 Filing a Chapter 11 without an experienced Chapter 11 bankruptcy lawyer would be like the Yankees putting Aaron Judge in to pitch with the game on the line.\u00a0 He may be great at one thing but the other is a whole different set of skills.<\/p>\n

If you want to know more about what is a Chapter 11 bankruptcy attorney Brooklyn NY<\/a>, please feel free to contact Brooklyn, NY bankruptcy attorney Bruce Weiner<\/a> for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

What is a Chapter 11 bankruptcy, do they ever happen in Brooklyn, NY, and do I need Chapter 11 bankruptcy attorneys to file a Chapter 11 case? 1.\u00a0 Chapter 11 bankruptcy is “reorganization,” as opposed to Chapter 7 “liquidation.”\u00a0 It’s frequently\u00a0 used by corporations that need bankruptcy protection.\u00a0 And it’s also often used by individuals …<\/p>\n

What is a Chapter 11 bankruptcy?<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,126,116],"tags":[2,21,71,32,54,51,52,35],"acf":[],"yoast_head":"\nWhat is a Chapter 11 bankruptcy?<\/title>\n<meta name=\"description\" content=\"What is a Chapter 11 bankruptcy, do they ever happen in Brooklyn, NY, and do I need Chapter 11 bankruptcy attorneys to file a Chapter 11 case? 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