Bankruptcies

Daniel M. Keil assists individuals and businesses in bankruptcy proceedings.  He will help you understand your options, associate with other appropriate counsel, file bankruptcy notices, negotiate with creditors, and help determine which form of bankruptcy, Chapter 7, Chapter 11 or Chapter 13, is appropriate for your particular circumstances.

Corporate Bankruptcy

Many businesses that need to file for bankruptcy can file for a Chapter 11 Debt Reorganization Plan.   Chapter 11 is designed to permit companies to reorganize their businesses and try to become profitable.  Under Chapter 11 the company can keep many of its assets and remain in operation while it works its way out of debt, under the supervision of the bankruptcy court.

Companies that file under Chapter 7 must stop operating and go out of business.  In a Chapter 7 case, a trustee is appointed to liquidate the companies’ assets and the money is used to pay creditors.

Personal Bankruptcy

Individuals can file for Bankruptcy protection under Chapter 7, Chapter 11, and Chapter 13 of the Bankruptcy code. 

In a Chapter 7 Bankruptcy, all of the petitioner’s dischargeable debts are eliminated.  Secured creditors, such as the banks holding mortgage and car loans, must continue to be paid if the petitioner is going to keep the property.   Petitioners filing under Chapter 7 must qualify under a “means test” calculation.

If an individual does not qualify to file under Chapter 7, they may decide to file under Chapter 13.   In a Chapter 13 proceeding, also sometimes called a “wage earner plan” is put together to pay back creditors at least part of what they are owed.

Trust Daniel M. Keil for bankruptcy assistance in Florida