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Chapter 11 Small Business Bankruptcy (and Consumer Chapter 11 Cases)
I am now accepting small business clients (Corporations, LLCs, etc.) who are considering filing for protection under Chapter 11. Usually, a small business that files under Chapter 11 can expect to be in bankruptcy for 12 to 18 months and to incur legal fees in excess of $25,000. The majority of small businesses that file a Chapter 11 bankruptcy case will end up converting and liquidating through a Chapter 7 because of unexpected costs and fees.
However, a prepackaged Chapter 11 case can be completed much more quickly with lower legal fees. In 2010, I represented a client in San Diego County where the bankruptcy petition was filed in January and the Debtor's plan of reorganization was confirmed in March the same year.
A prepackaged case is not right for everyone. Your situation may be different and results vary. Appointments are now available to discuss your particular situation and why a prepackaged case might be the way to go.
I have also represented individual debtors in San Diego County whose Chapter 11 plan was confirmed. Some studies have estimated that only 7-8% of Chapter 11 cases are confirmed. Please call me or send an email to lschrader@schrader-law.com to discuss your case.
Services provided in Orange, Los Angeles, San Diego and Riverside Counties.
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