What is a Chapter 11 Bankruptcy?

Chapter 11, entitled Reorganization, ordinarily is used by individuals with high debt levels or commercial enterprises that desire to continue operating a business and repay creditors concurrently through a court-approved plan of reorganization. The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the first 120 days after it files the case and must provide creditors with a disclosure statement containing information adequate to enable creditors to evaluate the plan. The court ultimately approves (confirms) or disapproves the plan of reorganization. Under the confirmed plan, the debtor can reduce its debts by repaying a portion of its obligations and discharging others. The debtor can also terminate burdensome contracts and leases, recover assets, and rescale its operations in order to return to profitability. Under chapter 11, the debtor normally goes through a period of consolidation and emerges with a reduced debt load and a reorganized business.

If you, or your business is considering filing for bankruptcy, please call our offices for a free consultation. David S. Jennis is a licensed bankruptcy attorney with over 25 years of experience in representing clients, both in personal and business related bankruptcies. David and his team have represented debtors, creditors, and U.S. Trustees alike, and have both the knowledge and resources to vigorously represent your interests. Offices are located in Downtown Tampa, Florida, please call 813-229-2800 to set up an appointment.

What Can I do About Debt Collectors’ Persistent Collection Efforts?

The federal Fair Debt Collection Practices Act (FDCPA) offers consumers protection against overly aggressive debt collection actions by debt collectors and debt collection agencies. If a debt collector has violated federal law in its dealings with you, there are steps you can take depending on your goal. These range from suing the debt collector to reporting the collector to government agencies to using the violations as a negotiation tactic on the debt.

If a debt collector violates the FDCPA during its collection efforts, you could be entitled to $1000 in statutory damages, or more for actual harm suffered, plus attorney fees and costs.

If you have been the victim of illegal debt collection practices, please call the Jennis Law Firm at 813-229-2800 for a free consultation to discuss your rights.