Las Vegas Chapter 11 Bankruptcy: What is it?

What’s the deal with Las Vegas Chapter 11 bankruptcy?

While Chapter 7 is a straight liquidation, Chapter 11 bankruptcy is considered to be a reorganization of the debtor’s debts. It’s often used by corporations that wish to continue their business while resolving some of their major debts. But it’s also used by individuals with significant assets or debts (Think Lenny Dykstra and other celebrities.) Chapter 11 cases also usually take longer than Chapter 7 cases. Under Chapter 11 you can reduce or get rid of debts by deciding which leases to assume or reject, curing defaults, paying taxes over an extended period, or restructuring debts owed in other ways.

Do I need a lawyer to file for Chapter 11?

Yes, you do need a lawyer for Chapter 11. And not just any bankruptcy lawyer, but on who has experience handling Chapter 11 cases. Issues and strategic issues are generally more complicated and involved than in a Chapter 7.

To learn more about Chapter 11, please contact Freedom Law Firm at 702-745-8584 us for a free initial consultation.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Disclaimer

This website is an advertisement. The information presented at this site should not be considered formal legal advice nor the formation of a lawyer or attorney-client relationship. You are advised that the acts of sending e-mail to or viewing or downloading information from this website does not create an attorney-client relationship. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide may include bankruptcy relief under Title 11.

Contact Us

Copyright Ⓒ 2021. Freedom Law Firm – All Rights Are Reserved.