Chapter 11 Bankruptcy
What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy, allows a business or individual to reorganize and pay secured and unsecured debts over an extended period of time. This is done through a plan and disclosure statement. The Court must approve a disclosure statement which describes the plan for repayment. Once this is approved creditors vote on the plan. In order to obtain “confirmation” of the plan by the Court, a certain percentage and dollar amount of each class of creditors must affirmatively vote for the plan. If they do not, then a process called “cram down” can be invoked which allows plan confirmation over negative votes by creditors under certain circumstances. Chapter 11 cases usually involve much larger debt than Chapter 13 cases.
Why Should I Contact a San Antonio Bankruptcy Attorney?
A successful Chapter 11 case requires the skill of an lawyer with experience in Chapter 11 proceedings. It requires the ability on the part of the lawyer to explain the complex Chapter 11 process, which at times may seem burdensome and overwhelming, so it can be understood and used effectively by the client. San Antonio bankruptcy lawyer Martin Seidler has handled bankruptcy cases for over 30 years. Mr. Seidler has used chapter 11 cases to successfully reorganize various businesses including farm operations, lawfirms, nursing homes, medical practices, oil companies, dental practices, restaurants, equipment companies and many others.
If you’re searching for an experienced Chapter 11 bankruptcy attorney in San Antonio, you’ve come to the right place. With more than three decades of bankruptcy experience, attorney Martin Seidler is more than capable of reviewing your current financial status to determine if Chapter 11 bankruptcy is right for your company or you. Many times, Chapter 11 is not appropriate and another Chapter of the Bankruptcy Code made provide better relief. Mr. Seidler can help you analyze your business’s financial situation and work with your accountants to decide the best course to take.
Contact San Antonio Chapter 11 bankruptcy attorney Martin Seidler today to schedule a consultation to discuss your case.
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The Law Offices of Martin Seidler serves clients throughout South and Central Texas including San Antonio, New Braunfels, San Marcos, Kyle, Buda, Austin, Bastrop, Menard, Llano, Marble Falls, Georgetown, Gonzales, Boerne, Floresville, Laredo Brackettville, Eagle Pass, Pearsall, Crystal City, Hondo, Uvalde, Del Rio, Burnet, Leakey, Rocksprings, Karnes City, Nixon, Comfort, Junction, Kerrville, Fredericksburg, Ingram, Hunt, Mason, Junction, Seguin, Johnson City, Giddings, and Corpus Christi.