Chapter 11 bankruptcies may be used by individuals who have a large amount of debt. In Chapter 11, our client is able to propose a plan of reorganization to payoff taxes, often without additional penalties and interest, bring secured loan obligations current, reduce the size of certain debt obligations, pay unsecured debts over time, terminate unprofitable contracts, sell assets in a structured process, and maintain control of income producing property or an operating business.
Chapter 11 cases are highly customizable. While a Chapter 11 can accomplish some amazing outcomes, a successful case necessarily involves a good understanding of the client’s current situation, how the client would up where it is, and where the client wishes to go. Mr. Speckman has the experience, background and ability to work with sophisticated clients though complex problems to achieve the desired result.