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Bankruptcy: Chapter 11 Reorganization
NEW JERSEY CHAPTER 11 BANKRUPTCY ATTORNEYS
Our New Jersey Chapter 11 bankruptcy attorneys have more than 20 years of experience representing debtors and creditors in Chapter 11 bankruptcy proceedings. Our Chapter 11 bankruptcy practice also includes representing high net worth NJ residents who must resort to Chapter 11 because they don’t qualify for the simpler form of consumer reorganization under Chapter 13.
As opposed to Chapter 7 liquidation, Chapter 11 bankruptcy reorganization allows businesses an opportunity to to try to continue operations while receiving the benefit of the automatic stay that prevents creditors from continuing pre-bankruptcy lawsuits. Chapter 11 can provide an orderly means for salvaging a cash-strapped business by relieving the burdens of unfavorable contracts and leases, consolidating litigation into a single forum in the bankruptcy court, allowing for the recovery of certain assets, and giving the debtor company an exclusive period to file a plan of reorganization that provides the blueprint for how the company intends to restructure and pay its creditors.
While in Chapter 11, the company’s management continues running day-to-day operations, but a bankruptcy court will have to approve all significant decisions that are considered outside the ordinary course of business.
Not all Chapter 11 cases result in reorganization. In many instances, Chapter 11 can be used to provide for an orderly liquidation of assets with the debtor filing a liquidating plan of reorganization proposing to pay its creditors from the pot of proceeds generated from sale of its assets.
There are many administrative duties and time consuming tasks to attend to in a Chapter 11 case, necessitating the company’s management and its bankruptcy counsel to work closely together each and every step of the way. That is the commitment our bankruptcy lawyers bring to the table – we view our obligation to make sure your team is readily informed and prepared for the challenges that lie ahead.
Complimented by our sophisticated litigation background, our New Jersey bankruptcy attorneys are capable of handling a broad scope of litigation disputes arising in bankruptcy cases, including prosecuting and defending all types of Chapter 11 claims, preference actions filed by bankruptcy trustees and creditors’ committees, fraudulent conveyance claims, challenges to acquisitions and all other litigation arising in the bankruptcy context.
Bankruptcy matters that New Jersey bankruptcy firm regularly handles include:
- Representing small to mid-size businesses as counsel for the Chapter 11 debtor-in-possession
- Serving as special litigation counsel to Chapter 11 debtors in possession
- Representing small to mid-size business owners in loan workouts, corporate restructurings, and exit strategies.
- Representing corporate principals and shareholders in complex Chapter 11 cases.
- Protecting creditors’ rights in complex Chapter 11 cases, including debtor-in-possession financing, litigating adequate protection and cash collateral motions, and negotiating debt restructures.
- Representing commercial landlords in the recovery of rents and assumption or rejection of leases, and recovery of leased or financed property.
- Representing equipment lessors and secured creditors in the recovery of leased or financed collateral.
- Defending creditors in preference and fraudulent transfer actions filed by trustees and creditors’ committees.
- Assistance in the purchase and/or sale of assets from bankruptcy debtors and trustees.
- Litigating matrimonial and real estate issues in bankruptcy cases.
To schedule an appointment with our New Jersey Chapter 11 bankruptcy lawyers, please contact our bankruptcy law firm and one of our attorneys will respond to your inquiry within 24 – 48 hours. If your situation is emergent, please call at (201) 498-0400.
Serving businesses and residents of Bergen County, Essex County, Hudson County, Mercer County, Middlesex County, Monmouth County, Morris County, Ocean County, Passaic County, Somerset County, and Union County.