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 Haines & Krieger at 702-880-5554 us for a free initial consultation.