NJ Lawyers | Middlesex County Bankruptcy Law | Piscataway
Piscataway | 08854
When a business files for Chapter 11, its management is usually left intact and continues to operate the business during and after the bankruptcy. The general goal of a Chapter 11 bankruptcy is to put forward a plan of reorganization that will be approved by creditors, or if necessary, to put forth a plan that will be approved by certain creditors and that can be 'crammed down' on the other creditors. Speak to a seasoned business bankruptcy law attorney, such as Vince Maverick, to discuss all your options when dealing with a bankruptcy case. He has assisted many individuals & businesses in Piscataway and throughout Middlesex County, NJ. Chapter 11 is the most flexible of the available bankruptcy chapters, but it is also the most complex.
If your business has been organized as a LLC or a corporation, your personal assets are most likely protected from creditors and others making claims about your business. However, if you signed away your limited liability that comes from LLCs and corporations, you make yourself personally liable for the business debts of your organization. Bankruptcy can wipe out unsecured debt (debt that is not secured by property, like credit card debt). Chapter 13 bankruptcy is the better option for people that want to keep their property. By filing for Chapter 13 bankruptcy, you are allowed to make a repayment plan, based on your income, and still get the protection of the court. In addition, you can include missed debt payments in a Chapter 13 bankruptcy, meaning that you can pay off these debts over a longer period of time, up to 5 years. This can make it more likely that you will be able to satisfy all of your debts.
If your business debts are large and it is possible that you will be held responsible for them, you should talk to an experienced bankruptcy attorney as soon as possible to figure out the best option for you. The chapter 11 bankruptcy lawyers at Maverick & Peters, LLC are ready to answer your questions and discuss your options. Residents of Piscataway NJ can greatly benefit from their sound advice. Contact them today. After filing for bankruptcy, do you want to close your business or do you think you can operate on a profitable basis in the future? The type of bankruptcy your company files depends, in part, on the answer to this question. If you want to continue operating your company, do you have a realistic plan as to how your company will return to profitability?
Bankruptcy law is federal law, which means that the Bankruptcy Code applies uniformly to all bankruptcy filings throughout the United States. There are no 'debtor's prisons' in the United States. You generally cannot go to jail for failing to pay your debts. However, defrauding your creditors can result in a criminal prosecution. Giving your bank a fraudulent loan application, for example, or hiding assets from your creditors can be crimes. Also, filing false information or testifying falsely in a bankruptcy proceeding is bankruptcy fraud-a federal crime. Chapter 11 proceedings create substantial benefits to the community. When a failing business is allowed to restructure, valuable jobs are preserved, communities are allowed to maintain their tax base, and the 'domino effect' of economic failure to the Chapter 11 debtor's suppliers and vendors can be prevented. Chapter 11 bankruptcy attorney, Vince Maverick, can help you navigate through the complexities of bankruptcy law in Piscataway NJ. Get the help you deserve by calling him today.
Business Bankruptcy Lawyers serving South Plainfield, Avenel, Bound Brook, Clark, Colonia, Dunellen, Edison, Fanwood, Fords, Green Brook, Iselin, Metuchen, Middlesex, North Plainfield, Piscataway, Plainfield, Rahway, Scotch Plains, South Bound Brook, Warren, Woodbridge, and throughout Middlesex County.
Piscataway | 08854
Chapter 11 Business Bankruptcy Lawyers in Piscataway, NJ
08854 Bankruptcy Law Firm
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Maverick & Peters, LLC 114 Oak Tree Ave, South Plainfield, NJ 07080 (908) 899-1661 http://www.SouthPlainfieldAttorneys.com/
Business Bankruptcy Lawyers in New Jersey
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Maverick & Peters, LLC specializes in the following Practice Areas: Accident Law, Bankruptcy Law, Business Law, Civil Law, Criminal Law, Divorce & Family Law, Employment Law, Estate Planning Law, General Practice Law, Immigration Law, Injury Law, Real Estate Law, and more.Attorneys | Bankruptcy Law | Piscataway | 08854Related topics: chapter11, chapter 11 bankruptcy, what is chapter 11 bankruptcy, filing chapter 11, lawyers for business, bankruptcy, bankruptcy attorney, bankruptcy law, chapter 7 bankruptcy, bankruptcy attorney
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