A San Jose bankruptcy lawyer addresses: Do I need a Chapter 11 attorney?

What is Chapter 11 bankruptcy?
Chapter 11 of the bankruptcy code provides for a business or individual with very high debts to reorganize their finances and develop a repayment plan to all creditors. While chapter 11 is generally associated with business’, given the high cost of homes in California, many individuals may turn to chapter 11 as their only option to save their home or reorganize rental properties.

Is chapter 11 complicated?
Yes. Unlike chapter 7 or chapter 13, chapter 11 bankruptcies require extensive court involvement in looking into the financial affairs of the individual or business. Monthly financial reports must be submitted to the court and often employment of professionals such as accountants and real estate brokers are required in order to assist the individual or business in its reorganization.

Can I file chapter 11 without an attorney?
There is no requirement that an individual file chapter 11 with an attorney, however, given the complexities of chapter 11 it is advisable that legal counsel be sought. A chapter 11 attorney can work with the individual or business and make determinations on how best to proceed with the bankruptcy.

How can a chapter 11 attorney help me?
A chapter 11 attorney will know what is required of a business or individual when the chapter 11 petition is filed. Beyond preparing the petition, there are usually motions and other procedural aspects involved with the proceeding. In addition, a chapter 11 reorganization plan needs to be developed outlining how the business or individual plans to exit bankruptcy. A chapter 11 attorney will know how to prepare those documents and deal with any possible objections from creditors.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

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