Chapter 11 bankruptcy has become well-known as a process undertaken by the nation’s largest troubled corporations. Significant Chapter 11 cases include those filed by Lehman Brothers, Worldcom, General Motors, Chrysler, Enron, and Delta Air Lines. It is less commonly known, however, that the same protections and advantages that Chapter 11 of the Bankruptcy Code affords to large corporations, allowing them to restructure their debts and financial affairs, are available to Georgia individuals in financial distress.
Normally, individuals find it easier and more cost-effective to reorganize in a Chapter 13 bankruptcy. However, Chapter 13 eligibility is based on strict debt limits which disqualify many individuals who have guaranteed large business debts or own multiple mortgaged properties. Chapter 11 can allow a debtor to stop pending collection actions, lawsuits, and foreclosures; sell or surrender unnecessary assets; repay debts over time; and reduce the amount of debt that must be repaid.
Since 1986, The Rothbloom Law Firm has served residents of Cobb, Fulton, Gwinnett, Paulding, Cherokee, DeKalb, and all metro-Atlanta counties seeking relief from their business and personal debt. Our attorneys, Howard Rothbloom and Adam Herring, provide thoughtful counseling, careful planning, and creative lawyering in bankruptcy cases filed under Chapter 7, Chapter 13, and Chapter 11. Contact us today to discuss whether bankruptcy may be an option to relieve you of the burdens of business and consumer debt.