Chapter 11 Bankruptcy Attorney
Eliminate Business Debt Today! Call Our Bankruptcy Firm: 888.400.9318!
Is your small business struggling under excessive debt? Don't shy away from bankruptcy as an option for finding a resolution. There are many benefits to bankruptcy that make it a viable option for eliminating your debt. The bankruptcy process was specifically designed by the government to be a legal way for consumers and business owners to discharge debts that they cannot afford to repay. Find out if this is the right bankruptcy option for your unique situation!
Why Choose Our Chapter 11 Bankruptcy Attorney?
- Knowledgeable, Proven Guidance Since 2000
- Has Helped Hundreds of Clients Successfully Navigate Debt Relief
- Formerly Named “Lawyer of The Year” by Massachusetts Lawyers Weekly
- Top Rating of Superb on Avvo
The Law Office of Glenn F. Russell, Jr. has helped numerous clients through the bankruptcy process. We can help you understand the different types of bankruptcy for which you may qualify and can guide you step-by-step through the process. We can also help you with bankruptcy exemptions to ensure that you are able to keep as much of your property and belongings as possible.
Call (888) 400-9318 or use our online form today to schedule your initial consultation!
Understanding Chapter 11 Bankruptcy for Small Businesses
There are several types of bankruptcy under the U.S. Bankruptcy Code. Chapter 7 and Chapter 13 of this code are for consumers, but Chapter 11 is for small business owners. Essentially, filing bankruptcy under chapter 11 allows you to "reorganize" your debt and keep your business open while your debts are repaid or discharged.
Under this chapter, you – the "debtor in possession" of your business – will sit down with your creditors and work out a repayment plan. This includes determining how long you have to repay your debts before the remainder is discharged. Once your plan has been determined, you must bring it before the bankruptcy court to be entered. You will then continue to operate your business and make payments on your debt (according to the plan) until the repayment term is complete. Your remaining eligible business debts will then be discharged.
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Our FAQ
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Do I really need a foreclosure lawyer?Absolutely. Should you need foreclosure defense counsel, only an experienced attorney can determine which course of action is best for you. Whereas predatory scam artists try to prey on your financial vulnerability, a skilled foreclosure defense attorney genuinely can look out for the best interest of you and your family. Legal advice must be practical and efficient in order to be effective, so if you need strong legal guidance, trust that The Law Office of Glenn F. Russell, Jr. can offer the counsel needed to successfully navigate the complicated legalities of foreclosure or bankruptcy.
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Third parties are offering to help my foreclosure process. How do I know who to trust?
Perhaps one of the greatest obstacles individuals encounter during the foreclosure process is learning who to trust and who to avoid. Due to the nature of the foreclosure process, descriptions of any homes being foreclosed may be published and accessible as public information. It is a sad truth that there are fraudulent companies that prey on public lists of foreclosing homes and attempt to take advantage of a people's financial vulnerability.
You may be contacted by mortgage brokers, mortgage negotiators, or mortgage holders. You may also be contacted by a Massachusetts bankruptcy attorney or a private financier who offers to help you sort out your finances. These parties may be dependable sources of legal and helpful advice during your foreclosure.
Unfortunately, there are frauds and scam artists who will try to take your home or your money without providing any sort of service. A general word of advice we give to clients to follow is: If a deal sounds too good to be true, it probably is. Avoid scams with the help of a qualified attorney from our firm!
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What happens at a foreclosure sale?
It doesn't happen all the time, but if you have exhausted all of your legal alternatives and feel as though a foreclosure or short sale is the last resort, you need to know what to expect.
No foreclosure sale is exactly the same, but for the most part, the foreclosure sale process typically involves the following:
- Lenders must first send a notice of a foreclosure to the homeowner. The notice must be sent at least 14 days prior to the foreclosure sale date.
- A foreclosure sale will take place at the date, time, and place specified in the foreclosure notice.
- The foreclosure sale will be conducted by a licensed auctioneer. The auctioneer will read various legal notices, descriptions, and documents pertaining to the property.
- The auctioneer will take bids on the property, take deposit checks, and accept the highest bid to close the foreclosure property sale.
- Parties - including the mortgagor, the purchaser, and the auctioneer - will draft a foreclosure deed, which must be recorded and filed at the Registry of Deeds.
- A grace period - typically 30 days - will be given to allow the purchaser to line up financing.
- A closing will take place, and the new owner will formally take title to the foreclosed property.
All monies paid by the new purchaser will go toward paying real estate taxes, owed mortgages, and payments to creditors or other debts owed on the property. If no one at the foreclosure sale is able to bid a high enough amount to cover the debt of the property, then the balanced owed - called a deficiency - would then be the liability of the old owner.