Many Real Estate Professionals Have Been Hurt by the Economy
While typically utilized by businesses, Chapter 11 bankruptcy can also be used by a high net worth individual who is over the debt limit for Chapter 13 or who has large non-exempt assets such as real estate holdings.
Redman Ludwig, P.C., represents real estate developers, investors, contractors and rental property owners who are seeking debt relief. Whether your business has experienced a slowdown recently or you have multiple real estate holdings and are upside down on the mortgages, we can assist you. Filing Chapter 11 bankruptcy has benefits, but it requires significant time and planning. If you are considering this option, contact a lawyer as soon as possible so we can begin working on a plan.
How Chapter 11 Can Help Reduce Real Estate Debt
When a Chapter 11 bankruptcy petition is filed, the case is in progress and the individual will benefit from the automatic stay. During this time, creditors cannot seize collateral or file or foreclose on liens. Additionally, no creditor harassment or wage garnishment is allowed.
Reorganizing debt and finances is the main objective in Chapter 11 bankruptcy. The filer has a minimum of120 days from filing Chapter 11 to submit a reorganization plan for approval by a creditors committee and the court. We will assist you with the preparation of this plan. We will help you determine which properties are worth saving and which you may be better off liquidating.
After the plan is approved, the debtor will repay obligations according to the plan. You may be able to cram down payments on properties or other assets that are no longer worth the amount you originally paid for them. Under the reorganization plan, you may also be allowed to discharge some of your debts.
Indianapolis Real Estate Bankruptcy Attorneys
For a free telephone consultation, please call 317-489-5832 or toll free at 866-793-5226, or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
