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Chapter 11 Bankruptcy

Manhattan Chapter 11 Bankruptcy Attorney

Reorganization Bankruptcy for Businesses and Individuals in New York

Commonly referred to as “Reorganization Bankruptcy,” Chapter 11 bankruptcy is usually filed by businesses that are looking for protection. In a Chapter 11 proceeding, the business is allowed to keep operating while paying off debts through a plan that is approved by the Bankruptcy Court. Businesses include anything from a sole proprietorship to a national corporation.

Chapter 11 is only preferable for an individual when their debt exceeds the limits of Chapter 13, specifically: $383,175.00 of unsecured debt and $1,149,525.00 of secured debt. The main difference between Chapter 7 and Chapter 11 bankruptcy is that one is liquidation and the other is reorganization. Some businesses feel that they can return to profitable operations with protection, and Chapter 11 is one way to accomplish this goal.

If you would like to learn more about filing for Chapter 11 bankruptcy in Manhattan or a surrounding area, contact the Law Office of Julio E. Portilla, P.C. for a free consultation. We can be reached via our online message form here or by dialing (917) 909-6166.

How Reorganization Bankruptcy Works

After reorganization plans have been fulfilled, debtors can re-emerge and continue business as usual. In some instances, creditors can oppose the reorganization plan, but once the court has approved the details, it becomes legally binding on all parties. Within 120 days of initial Chapter 11 filings, debtors have the right to propose a plan that reorganizes their business operations. After this time, any creditors have the chance to vote on the plan. If all parties cannot approve the reorganization schedule, the case may revert to a straight bankruptcy, or the creditors may look for alternative avenues of relief.

On the other hand, some cases are dismissed, and this means that creditors need a way to recover their funds outside of bankruptcy law. Just like other types of bankruptcy, petitioners receive an automatic stay immediately after their documents are filed with the relevant court. The stay prohibits creditors from all types of collection attempts and ensures that post-petition collection is null and void. In certain instances, the creditors may petition the court to appoint a trustee to manage the debtor’s financial business, but this is rare and usually occurs when there is gross mismanagement.

Chapter 11 Bankruptcy Services in Manhattan, Queens, and Brooklyn

If you are considering the benefits of a Chapter 11 bankruptcy, the Law Office of Julio E. Portilla, P.C. is available to help. We are committed to handling your case on a personal basis, and we ensure aggressive representation that puts your interests first, including:

  • A free initial consultation (phone and video consultations available)
  • Same-day, after-hours and weekend appointments available by request
  • Legal services in English, Spanish, and French
  • Payment plans based on your needs and ability to pay

Please feel free to contact our Manhattan Chapter 11 bankruptcy lawyer for more information. We proudly serve Manhattan, Queens, Brooklyn and surrounding areas. Give us a call at (917) 909-6166 or submit an online contact form here.

What Sets Us Apart?

The Difference is Clear
  • High-Quality Representation

    The majority of the firm's clients are referrals. This is a testament to their faith in Attorney Portilla's ability to provide the best legal counsel and advocacy.

  • Accessible

    When you hire Attorney Portilla you can count on transparent communication regarding your case and fast response times on all questions!

  • Convenient

    For your safety and convenience, The Law Office of Julio E. Portilla, P.C. offers phone and video consultations as well as same-day appointments.

  • Multilingual

    The team at The Law Office of Julio E. Portilla, P.C. is multilingual and serves its clients in English, Spanish and French.

  • Personalized Attention

    Attorney Portilla takes the time to listen, walk you through the process, and create a personalized strategy for your case.

  • Courtroom Experience

    Attorney Portilla is a proven litigator who has vast experience handling various cases types in a courtroom successfully.

Meet Our Dedicated Attorney Julio E. Portilla

"I will fight to protect your legal rights under the law."

Stories from People We have Helped 

Read Our 5 Star Reviews 
  • He not only guided me in my most difficult moments, but he was determined and positive at all times.

    “Mr. Julio E. Portilla is a great attorney. His expertise in Bankruptcy law allowed me to help solve my case with the greatest success possible. I thank Julio so very much because he not only guided me ...”

    - Kat Sykes
  • He helped us every step of the way and made us feel so comfortable during a very difficult time.

    “Absolutely amazing attorney. I would not even think about retaining anyone else! He helped us every step of the way and made us feel so comfortable during a very difficult time. Mr. Portilla is very ...”

    - Anahida
  • He was there for me in my time of need when I thought I had no options.

    “Mr. Portilla was an excellent lawyer. He was there for me in my time of need when I thought I had no options. He was professional and was always available to help in any way he could.”

    - Iris
  • I never felt lost, and the entire process was very stress-free thanks to Mr. Portilla.

    “I was referred to the Law Office of Mr. Portilla by a friend. When I filed for bankruptcy I was very nervous. The minute I stepped into Julio's office and heard him speak I was put at ease. Julio ...”

    - Happy Client
  • He was there for us every step of the way and would recommend his services to anyone who needs a reliable lawyer.

    “Mr. Portilla previosly helped out my family so we knew his services were excellent. He was there for us every step of the way and would recommend his services to anyone who needs a reliable lawyer.”

    - A. Ovan
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