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• Solve financial problems while continuing to operate your business

• Keep your equipment, inventory, and other assets while eliminating debt

• Stop merchant cash advance and other automatic withdrawals

• Resolve issues with the IRS, including liability for withholding taxes (940/941)

• Payment on debts ceases, providing the business with a "breathing spell" where it can:

  • bank cash

  • increase marketing as necessary

  • make management and payroll changes, and determine and implement methods to increase revenue and cutting expense

• Reject onerous leases and certain contracts while limiting or eliminating or removing any liability.

Chapter 11 can save your business:

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Chapter 11 bankruptcy is a legal process that allows businesses or individuals to reorganize their debts while continuing operations under court supervision.

Learn how the Chapter 11 process works, whether you qualify for Chapter 11 relief, whether it will afford you the relief you seek, and have your questions and concerns today - call us, and we will be happy to answer your questions and address your concerns.

Learn more about Chapter 11

The Business Bankruptcy "Chapters"

CHAPTER 11

Chapter 7 bankruptcy for a business is a liquidation and a winding down, as the entity’s assets are sold off to satisfy creditor claims. This process provides a structured and court-supervised way to resolve insolvency and limit ongoing liabilities.

Learn more about Chapter 7

CHAPTER 7

Check our blog (or "blawg"). We, along with the occasional guest writer, write articles to assist our clients and other lawyers in understanding issues relevant to bankruptcy.

Fees & Costs

Chapter 11 fees are difficult to predict. Unlike Chapter 13s and most Chapter 7s, Chapter 11 fees are not generally flat fees (single flat charge for handling matter from start to finish). Some firms will negotiate a flat fee for a case filed under Subchapter V of Chapter 11, but we believe flat fees in Subchapter V cases more often than not does not benefit the Debtor. Moreover, there is always the potential for a firm taking a flat fee in a Subchapter V case to resuse materials and basically use forms rather than draft new materials for each matter so that the facts and issues of each specific case, and they are all very different, can be focused upon and resolved rather than trying the cookie cutter approach. Ours is not a cookie cutter lawn firm.

Chapter 11 cases require a substantial amount of time from the lawyer and from the client. Although we can predict many issues that might arise prior to filing, there are some issues that are dependent upon the thoughts, plans, and actions of the creditors, creditors' committee (if one is appointed), U.S. Trustee, or the case trustee (if appointed). Some of the cost depends upon how aggressive the creditors and other parties might be in the case.

There are a number of factors which make giving precise fee estimations in Chapter 11 cases quite impossible. However, we can often give a range low to high based on our previous representations of similarly-situated debtors. In any event, we are always mindful of the costs in the case, we keep our regularly informed, utilize lower cost staff if they can perform the job equally well, and otherwise do whatever is in our power to do to keep costs down.

Chapter 11 lawyers require a retainer to file a Chapter 11 case. The retainer is a deposit against which fees and expenses can be billed. The client may be asked to replenish the retainer. The retainer is not a flat fee for the case, it is simply a deposit. We will work with you to make the retainer. By keeping an honest and open relationship about fees and costs, both lawyer and client can leave satisfied. Talk to us. We will listen.

Chapter 7 cases are generally done on a flat fee. The flat fee is based upon the complexity of the issues and operations of the debtor, the debts and types of debts, whether there are discharge or dischargeability issues, and whether there are substantial assets that will be liquidated. A straightforward business Chapter 7 that is not complicated might be $1,750 to $2,000, whereas a medium-sized business with assets might be $5,000 and large company could be higher. Each case is different. These numbers are given as an idea of what us customarily charged in this district for such services.

Sage Advice. Creative Solutions. Relentless Advocacy.

Contact Our Bankruptcy Team

If you have questions about our bankruptcy services, feel free to contact us. We are here to help with your requirements and offer support.

Help

businessbankruptcy@pm.me

(615) 622-1538