Morristown Chapter 11 Bankruptcy Attorneys
Guidance from Our Qualified Attorneys Serving Morris County & Surrounding Areas
If you are a small-business owner facing unmanageable debt and struggling to meet your payroll, taxes, and other expenses, Chapter 11 bankruptcy may be your best option. While Chapter 11 is primarily designed for businesses, individuals may also qualify if their debts exceed a certain amount.At Ast & Schmidt, P.C., our Chapter 11 bankruptcy lawyers have the experience needed to guide your business through the process, help protect your assets, and secure your short- and long-term financial interests. We bring more than 30 years of experience to every case we handle, and our clients trust us to provide professional, competent, and committed representation every step of the way.
Let us help you protect your rights, inform you of your options, and help you successfully navigate the Chapter 11 bankruptcy process. Contact us today to schedule your free initial consultation.
Reorganizing Your Morristown Business
In the life of your business, you may have suffered an unexpected loss, failed to receive payment for your services or products, suffered through a state or national financial crisis, or experienced a family emergency. If these issues crippled your business’s ability to earn a stable profit, you may be struggling to fulfill financial obligations to your creditors, employees, and/or the IRS.
Our experienced business bankruptcy attorneys can assist you with the following matters:
- Failure to pay withholding taxes
- Failure to file tax returns
- Purchase or sale of a business
- Business asset management
- Offer in compromise
- Creditor issues
Chapter 11 bankruptcy, also known as "reorganization," allows businesses to continue operating with protection from their creditors and oversight by the bankruptcy court. Like Chapter 13, Chapter 11 involves a repayment plan, but it is often more time-consuming and complex than other forms of bankruptcy. Moreover, your creditors may become significantly involved in the process. The bankruptcy trustee will typically invite the top 20 creditors to form a committee, which will investigate the activities of your business and negotiate the repayment/reorganization plan.
Due to these factors, retaining qualified counsel is vital for your success. Every step of the way, we can advance your best interests and advocate for your needs. With experience representing both debtors and creditors, we understand what it takes to successfully file bankruptcy and create a reasonable and satisfactory repayment plan.
Debt Relief for Small Business Owners
Due to the cost, complexity, and stringent requirements, only large businesses and corporations have stood to benefit from Chapter 11 bankruptcy. To help small business owners secure the same advantages, the U.S. government passed the Small Business Reorganization Act of 2019. This legislation adds a new subchapter in Chapter 11 that is exclusively available to small business owners. If you qualify, you may be able to access this streamlined, cost-effective version of Chapter 11. Our team at Ast & Schmidt, P.C. can help you assess whether this path is right for your business.
When you file this complex process, you may need to handle immediate litigation issues and numerous required motions. Chapter 11 requires disclosure statements, wherein you must prove to both creditors and the court that you can reasonably meet the proposed obligations.
Furthermore, any business larger than a sole proprietorship seeking Chapter 11 debt relief must be represented by a bankruptcy attorney. Let our team help you overcome hurdles, avoid common pitfalls, and take the steps needed to understand your rights and obligations as a business owner under bankruptcy law.
Our team of bankruptcy attorneys at Ast & Schmidt, P.C. can take the right actions to help you achieve relief from crushing debt. We promise you, there is a light at the end of the tunnel.