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770-609-1247 | Chapter 11 Business & Personal Bankruptcy

Call 770-609-1247 to Speak With an Experienced Cumming, Georgia Bankruptcy Attorney.

Quality of service and competence matters. We have over ten years of experience helping hundreds of people and businesses deal with crushing debt. Under the bankruptcy code you can obtain immediate debt relief. Let us help you.

A Chapter 11 bankruptcy allows businesses and individuals to create a new plan to settle and repay debt in a more manageable solution. Individual filing of Chapter 11 is uncommon because of the complications with the procedure and the cost. In an personal Chapter 11 case a person can file single or a joint case with their spouse. The reasons someone would file a personal Chapter 11 bankruptcy case is that they have significant assets and/or significant income – but still have a debt crisis of some type.

Most people that file a personal Chapter 11 case do so because they do not qualify for a Chapter 13 bankruptcy. For example, if a person has over $383,175.00 in unsecured debts and/or over $1,149,525.00 in secured debts they do not qualify for a Chapter 13 (as of April 2013) and must file for Chapter 7 or a Chapter 11. However, if the debtor(s) do not qualify for a Chapter 7 due to significant income – or they have assets they want to keep – then a Chapter 11 is their only option.

In a Chapter 11 Bankruptcy, individual and business debtors must provide a written disclosure statement to the court along with a reorganization plan for paying off the creditors over a three (3) to five (5) year period of time. Once the bankruptcy plan is approved by the court, the plan binds the creditors and the debtor and has precedent over all previous agreements

The overriding purpose of a business Chapter 11 bankruptcy case is the business desire to revitalize and reorganize its financial affairs so that it become profitable and successful. Reasons a company may file for a Chapter 11 bankruptcy include: purchase contract problems, lease issues, past debt mishandling and other unexpected financial difficulties. In a Chapter 11 bankruptcy, these companies must continue to pay all normal operating costs while they operate, but past debt is put “on-hold”.

The company must file with the local Federal court their monthly expense reports as well as their “disclosure statement” so that the court review the business’s financial condition. A disclosure statement includes the business’s history, where it stands now, and a future plan to reestablish itself as an ongoing concern. After the Court approves the business’s Chapter 11 bankruptcy plan, the case is no longer under the direct management of the court. The business then must complete the bankruptcy plan according to its schedule.

This Chapter 11 bankruptcy plan must detail how much the business will pay back to its creditors, the percentage each creditor can claim, payment lengths, and any cancellation of purchase contracts. Factors that affect how much the company pays monthly include the business’s financial ability as well as its liquidation value and whether the debt is secured or unsecured. Creditors can decide whether to accept or reject the debtor’s proposed bankruptcy plan.

Coleman Legal Group, LLC handles cases in the following cities and communities: Atlanta, Alpharetta, Roswell, Johns Creek, Milton, Cumming, Marietta, Sandy Springs, Woodstock, Kennesaw, Gainesville, Norcross, Lawrenceville, Midtown, Inman Park, Duluth, Buckhead, Dunwoody, Vinings and Smyrna.

Our attorneys frequently handle cases for clients residing in the following counties: Fulton, Gwinnett, Forsyth, Cobb, DeKalb, Henry, Cherokee, Douglas, Carroll, Coweta, Paulding, Bartow, Hall, Barrow, Walton, Newton, Rockdale, Henry, Spalding, Fayette and Clayton.

Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Bankruptcy, Divorce, Family Law, Immigration and Business Law. We have two convenient offices located at:

Alpharetta Georgia Office
5755 North Point Parkway
Suite 52
Alpharetta, GA 30022

Atlanta Georgia Office
Studioplex
659 Auburn Avenue Northeast
Atlanta, GA 30312

Copyright © 2013 | Coleman Legal Group, LLC | All Rights Reserved. Coleman Legal Group, LLC • 5755 North Point Parkway, Suite 52 • Alpharetta, GA 30022 • 770-609-1247 DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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