Orange Chapter 11 Bankruptcy Lawyers Help Businesses Reorganize
Highly professional representation for distressed companies in the LA area
From Olde Town to the Platinum Triangle to The Outlets to The Village, businesses in Orange, CA have struggled amid recent economic downturns. Most businesses will rebound as the economy recovers but some will need assistance to get back on their feet. If you own a small to medium-sized business and you’re having trouble meeting your debt obligations, Chapter 11 bankruptcy protection could be the assistance you need. Whether you are a sole proprietorship or an owner of an LLC, partnership or corporation, the Law Offices of Michael Jay Berger provides highly professional representation to protect your rights and maximize debt relief. I lead a talented and experienced team of lawyers who know how to help distressed businesses reorganize, giving them a second chance at success.
Restructuring debts under Chapter 11
If your debts have reached a point where you cannot meet them while paying your operating expenses, it’s time for a serious discussion about the advantages of business bankruptcy. Chapter 11 is a bankruptcy process that allows businesses to continue to operate under a repayment plan sanctioned by the bankruptcy court. You submit a proposed payment plan for court approval. Your creditors, after 120 days have passed, may submit competing plans. Your payments under the approved plan will be less than your current monthly obligations and the court bars creditors from taking enforcement actions on your debt except within the Chapter 11 proceeding. A business bankruptcy can buy the time you need to regain your business’s financial stability and enhance its prospects for success. My firm handles every aspect of business bankruptcy, from start to finish.
Help for small businesses under Subchapter V
Chapter 11 protection was once an expensive proposition that only large corporations could afford. Smaller enterprises were left only with Chapter 7 as a debt relief option, which required them to close up shop and sell off their assets to partially satisfy their debts. Because of this disparity in treatment, Congress passed the 2019 Small Business Reorganization Act, also known as Subchapter V. It created a streamlined Chapter 11 process for smaller businesses, making it efficient and affordable. Businesses with less than $7.5 million in debt may qualify for this form of reorganization. It is especially helpful for sole proprietorships, where owners are personally liable for their business debts. A Subchapter V can protect assets — such as your personal savings, home and vehicles — from creditor actions.
Visit my Orange, CA office for a free Chapter 11 bankruptcy consultation
The Law Offices of Michael Jay Berger provides highly professional Chapter 11 bankruptcy services for businesses in Orange, CA and vicinity, including Santa Ana, Tustin, Irvine, Yorba Linda, Garden Grove, Anaheim, Costa Mesa, Newport Beach, Huntington Beach, Mission Viejo and San Clemente. My Orange, CA office is located on the 17th floor of the City Tower at 333 City Blvd West. To discuss the specific facts of your case, please call me now at 310-271-6223 or contact me online for a free initial consultation. My staff is fluent in Spanish, Korean, Farsi, Armenian, Russian, Hebrew, Vietnamese, Khmer (Cambodian) and Mandarin Chinese.