Chapter 11 Bankruptcy in Long Island

The Long Island bankruptcy lawyers at The McBreen & Kopko Attorneys At Law will assist business owners and individuals who are interested in filing for Long Island Chapter 11 bankruptcy. Our attorneys have a comprehensive understanding of Long Island bankruptcy law and will file your bankruptcy petition efficiently and timely.

Long Island Chapter 11 Bankruptcy

Chapter 11 is commonly referred to as business bankruptcy because it is the type of bankruptcy most businesses choose when seeking protection under federal laws. The reason why many struggling businesses choose this particular chapter is because it allows the business to still operate while reorganizing based on an approved plan monitored by the court. The reorganization plan is designed by the debtor and submitted to the creditors for their approval. Once the plan is approved the debtor can begin reorganizing the business and repaying creditors.

Long Island Business Bankruptcy

This type of bankruptcy is chosen by business owners who find their financial state to be in need of repair, and are still determined to keep their business running.  The court usually watches over the business functions while the debtor is operating under the reorganization plan and in most situations, the owners get to keep all of their assets. Chapter 11 is a very pliable compared to the other bankruptcy chapters, Chapter 7, Chapter 13 and Chapter 12.  However, Chapter 11 can prove to be more expensive to the debtor in the long run.

Bankruptcy Help in Long Island

If you operate a Long Island business and need to work out a financial plan to continue the business then contact McBreen & Kopko.   McBreen & Kopko is an experienced Bankruptcy Law Firm in Long Island and are ready to help.