Chapter 11 Bankruptcy
Indianapolis Chapter 11 Bankruptcy Lawyers
30 Years Helping Indiana Businesses and Consumers With Chapter 11 Bankruptcy
Because of the complexities and nuances involved, most bankruptcy law firms don't handle Chapter 11 bankruptcy cases. Then again, most bankruptcy law firms don't have the level of experience you'll find at Redman Ludwig, P.C.Our bankruptcy lawyers have been providing individuals and business owners in Central Indiana with Chapter 11 bankruptcy solutions for three decades. As a result, we know how to help our clients navigate the process effectively and find the solutions they've been looking for. We counsel businesses and individual clients from a foundation of financial knowledge and business savvy in order to give the best possible advice in each unique circumstance. We do not assume that bankruptcy is the best option for a new client until we have conducted an in-depth financial history analysis.
What Is Chapter 11 Bankruptcy?
If approved, a Chapter 11 individual or business bankruptcy can provide the financial breathing room that you need to regroup and come back strong.
- For businesses: Chapter 11 is sometimes known as "business reorganization." Under Chapter 11 business bankruptcy, the business owner submits a repayment plan to the bankruptcy court under which the business owner shows how continued business operations will create sufficient profit to pay off some or most unsecured debt. Chapter 11 for businesses also gives the business owner flexibility in repaying secured creditors for equipment loans, repaying the government for back taxes owed, and renegotiating or cancelling a burdensome lease. Learn more about our business bankruptcy services and read answers to frequently asked questions about business bankruptcy.
- For individuals and families: Chapter 11 bankruptcy is rarely used for families but it is available to individuals and married couples who are not eligible for debt relief under Chapter 7 or Chapter 13 due to high income or high debt. Consolidation loans are usually not an option for these filers. For them, Chapter 11 bankruptcy works much like Chapter 13 in that once a Chapter 11 plan is approved, payments are made for a 60-month period. As it does for businesses, Chapter 11 bankruptcy may allow you to renegotiate or cancel a burdensome lease or mortgage or save real estate from foreclosure.
Whether you are a business owner or an individual, a debt reorganization or repayment plan will have to be filed during your case, after you have had time to analyze your situation and work out deals with creditors. This will include a full and honest disclosure of financial information and a 60-month schedule of payments that you or your business will make to creditors. This plan will have to be approved by the court. In essence, you will be expected to pay whatever you can afford to pay.
Central Indiana Bankruptcy Solutions - Toll Free 1-866-660-6928
Learn more about how a Chapter 11 bankruptcy petition may be in your best interests. The sooner you get the answers you need, the sooner you can make a decision that is best for your family or your business's future. Call our Indianapolis law offices at 317-800-6181 or toll free at 866-660-6928 or reach us online Link to Contact Us by completing the brief form located on the Contact Us page of this Web site. We offer reasonable payment plans should you decide to retain us.
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