Portland Chapter 11 Bankruptcy Attorney
Protecting Financial Futures Across Multnomah County, Oregon, and Washington
If you look at your company's heavy debt burdens and wish you could reorganize them to make repayment easier, Chapter 11 bankruptcy may be a viable option.
What is Chapter 11 Bankruptcy?
It is common for chapter 11 debtors to propose a scheme of reorganization in order to maintain their business and pay their creditors over time. Individuals or businesses can also file for bankruptcy relief. Many people think that Chapter 11 is only for businesses, but individuals can also take advantage of this when filing for bankruptcy in Oregon
What Is the Purpose of Chapter 11 Bankruptcy?
The primary purpose of Chapter 11 is to protect ongoing operations from collapse. If debt payments or debt collection efforts are causing a business to struggle, that organization may be interested in Chapter 11 bankruptcy. An individual who will lose significant equity to repossession or foreclosure is also a good candidate for this petition.
To begin a Chapter 11 bankruptcy filing, contact a skilled Portland lawyer from Vanden Bos & Chapman, LLP. We can work with you to help you prepare for filing and help you avoid actions that could damage your case.
Who is Eligible for Chapter 11 Bankruptcy?
Just about anyone can file for Chapter 11 bankruptcy.
- Joint Ventures
- Limited liability companies
- And partnerships
- Under Chapter 11, there are no debt or income requirements or limitations for filing. For more questions regarding Chapter 11 eligibility, reach out to our experienced team today.
Chapter 11 Bankruptcy Process Explained
If you're considering filing for Chapter 11 bankruptcy, it's important to understand the process and what it entails. Typically utilized by businesses but available for individuals with substantial debts, Chapter 11 involves a step-by-step journey through reorganization. Engaging an adept Chapter 11 attorney is vital for navigating this intricate process and ensuring the best financial resolution.
Here's a step-by-step overview of the Chapter 11 bankruptcy process:
- Filing the petition: The process begins by filing a petition for Chapter 11 bankruptcy with the bankruptcy court.
- Automatic stay: Once the petition is filed, an automatic stay goes into effect, which halts all collection actions and lawsuits against the debtor.
- Creation of a reorganization plan: The debtor, with the help of their attorney, will create a reorganization plan that outlines how they will repay their debts over time.
- Disclosure statement: Along with the reorganization plan, a disclosure statement must be filed, which provides detailed information about the debtor's financial situation and the proposed plan.
- Voting on the plan: Creditors will have the opportunity to vote on the reorganization plan. The plan must be approved by the majority of creditors, both in number and dollar amount.
- Confirmation of the plan: If the plan is approved by the creditors, it must be confirmed by the bankruptcy court. The court will review the plan to ensure it is fair and feasible.
- Implementation and repayment: Once the plan is confirmed, the debtor will begin implementing the plan and making payments to creditors according to the terms outlined in the plan.
- Completion of the plan: Once all payments have been made according to the plan, the debtor will receive a discharge, which releases them from any further liability for the debts included in the plan.
For guidance you can rely on throughout this process, consult with a seasoned Chp. 11 attorney at Vanden Bos & Chapman, LLP. We can help ensure that you achieve the best financial resolution for your situation.
Things to Consider When Choosing a Chapter 11 Bankruptcy Lawyer
There are many bankruptcy attorneys, but not all of them are right for your Chapter 11 filing. A variety of factors go into choosing which qualified lawyer you should choose.
Some things to consider when choosing a Chapter 11 bankruptcy attorney include:
- Experience. You want to choose someone who has developed the skills needed to navigate a variety of cases successfully.
- Respected. Choose an attorney who has an excellent reputation in the community and has earned the respect of other professionals.
- Accessibility. If you cannot reach your lawyer when you need to, they will not be much help. Choose someone you can communicate with easily.
- Able to Handle Complex Cases. Even if your filing is simple, having someone who can handle complexity means that your attorney will be better able to address problems.
Chapter 7 vs Chapter 11
Chapter 7 bankruptcy serves the primary purpose of liquidating the debtor's non-exempt assets, distributing the proceeds to creditors, and discharging prepetition debts to provide a fresh financial start for the debtor. Debtors typically file Chapter 7 cases voluntarily.
In Chapter 11, the debtor usually files a plan of reorganization to be voted on by its various classes of creditors. The main purpose of Chapter 11 bankruptcy is to give business entities and individuals with large amounts of debt an opportunity to reorganize their financial affairs.
At Vanden Bos & Chapman, LLP, we have been helping clients since 1981. We have won awards and accolades for our exceptional legal representation and counsel.
When you call us, you will usually be able to speak to an attorney right away. We have experience in complex individual bankruptcy filings, which other attorneys often refer to.
Our bankruptcy attorneys also have experience in:
Contact Vanden Bos & Chapman, LLP to schedule a consultation with one of our chapter 11 lawyers in Portland!
Your compassion and understanding have really made swallowing our fate a bit easier.
“Ann: I know this is your business, but I can’t tell you what your guidance has meant to Pat and me through this bankruptcy process. Your compassion and understanding have really made swallowing our fate a bit easier. So, thank you. You have a thankless job at times but know we are so appreciative!”
Thanks again to Ann Chapman and the team there for their grace and their professionalism.
“Ann: Thanks again to Ann Chapman and the team there for their grace and their professionalism, courtesy, and excellent work at every turn.”
Your caring and listening ear really helped me through this.
“Ann: I wanted to send you a note and thank you for the support and help you have given to me over the past five years. Your caring and listening ear really helped me through this. I appreciate it so much. Going through bankruptcy was a learning experience for me. I know once I can find employment somewhere I will be OK with my spending. I am not perfect, but I am so much better.”
I think you are the best expert!
“Ann: I have to thank you again for all of your hard work, knowledge, time, and help you have provided me (getting through all this)! I truly appreciate what you have done. I think you are the best expert! I couldn’t have found anyone better.”
“Ann and her staff’s top-notch professionalism with an unexpected but very appreciated warm personal touch during a rough patch in our lives AND an experience that was based on a workable plan that now has become our daily habit as we close this chapter and move on into a brighter future. A triple-combination that delivers success! Thanks!”
We provide individualized, thorough representation clients deserve.
We are well-versed in all bankruptcy matters, from consumer to business affairs.
We have some of the most recognized and awarded bankruptcy lawyers in the state.
We offer same-day appointments to our clients.
We've been advocating for clients since 1981.