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Chapter 11 Bankruptcy

Rockville Legal Team Assists with Chapter 11 Bankruptcy Matters

Maryland firm helps small businesses restructure debt for future success

In this competitive economy, it’s very easy for a small business to fall on hard times. You may be struggling and unable to meet your monthly obligations, but that doesn’t mean all is lost. By filing Chapter 11 bankruptcy, you can restructure your debt and maintain operations, giving you a chance to ride out the tough times and ultimately become profitable. An experienced bankruptcy attorney at Wolff & Orenstein, LLC in Rockville can evaluate your situation and advise you on the best course of action. It’s important to get straight answers from a knowledgeable lawyer so you can make informed decisions about the future of your business enterprise.

Who can file for Chapter 11 bankruptcy?

Chapter 11 is business bankruptcy, appropriate for business debtors who want to restructure debt to continue operations or those who simply want to cease operations and discharge the business debt. But consumers who have too high an income to qualify for Chapter 7 or too much debt to qualify for Chapter 13 can also file under Chapter 11. Chapter 11 is more expensive and complicated than the consumer chapters, and the law requires that you have an attorney assist you through the process.

Overview of the Chapter 11 bankruptcy process

Chapter 11 bankruptcy proceeds through several different stages:

  • Filing — The paperwork necessary to file Chapter 11 is extensive. You must disclose your company’s income, assets, and debts on official U.S. bankruptcy forms. Once you file, you receive the protection of the automatic stay, which prohibits your creditors from attempting to collect on your debts.
  • Negotiating with creditors — You have some leverage to negotiate a reduction of your obligations to your creditors, since you still have the option to file a Chapter 7 liquidation, which would repay them far less.
  • Preparing a reorganization plan — Working with our Rockville attorneys, you create a plan that will allow you to maintain business operations while repaying your creditors a portion of what you owe.
  • Creditor and court approval of the plan — You file your reorganization plan with the court. Your creditors vote whether to accept it, and the court decides whether it is reasonable and fair for all parties involved.
  • Discharge of debt — Once the court approves your reorganization, you begin making payments. Once you have met your obligations under the plan, the court discharges your remaining debt.

Circumstances vary depending on the nature of a business, but most Chapter 11 bankruptcies take from six months to two years to complete. Our experienced Rockville attorneys work closely with you to ensure you get every advantage of U.S. bankruptcy law.

Call our Rockville law firm for a free business bankruptcy consultation

Bankruptcy isn’t the right choice for every situation, but Chapter 11 provides important protections for small business owners. Call Wolff & Orenstein, LLC at 301.250.7232 or contact us online for a free initial consultation. Serving Rockville, Frederick and Prince George’s County, our firm is well known for quality work.

Michael  G.  Wolff Attorney Photo
Michael G. Wolff
In Memoriam: Founding Member

In Memoriam It is with heavy hearts that we commemorate the life and legacy of our beloved Founding Member, Michael G. Wolff. Michael's distinguished career in the legal field was characterized by unwavering dedication and a commitment to excellence that left an indelible mark on all who had the privilege of knowing him. Over the…

Jeffrey  M.  Orenstein Attorney Photo
Jeffrey M. Orenstein

Commercial Litigation & Consumer Law Firm Attorney Biography:Jeffrey M. Orenstein is a skilled commercial litigator with a particular emphasis on bankruptcy litigation. He has been appointed to serve as Bankruptcy Trustee and Examiner in complex Chapter 11 cases. For more than 25 years, he has represented bankruptcy estates, bankruptcy trustees in multiple jurisdictions, creditors and…

Matthew Abbott Attorney Photo
Matthew Abbott

Biography Matthew E. Abbott is the latest attorney to join the Wolff & Orenstein, LLC team. Matthew graduated from American University Washington College of Law in 2019 after working for Wolff & Orenstein, LLC and the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) as a law clerk. Prior to…

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    When you face difficult decisions regarding your personal finances and in other areas of your life, do not delay in reaching out to an experienced bankruptcy attorney. Contact Wolff & Orenstein, LLC. Serving Rockville, Frederick and Prince George's County, our firm is well known for quality work.
Md. Bkr. Case No.: 12-21288 (Chapter 7)
*Resolved litigation to release federal and state liens on Debtor's principal residence in Silver Spring, Maryland and discharged over $90,000.00 of tax obligations.

*Each case is different and past record is no assurance that the lawyer will be successful in reaching a favorable result in any future case.
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