An individual facing insurmountable debt or other financial distress may use Chapter 11 reorganization bankruptcy to restructure and reduce debt, while remaining in possession of property and assets and receiving protection from the bankruptcy court. With over 15 years of complex bankruptcy experience, Chapter 11 lawyer Aaron Wernick represents individuals throughout the State of Florida in this complicated bankruptcy proceeding. He also counsels individual clients on the viability and advisability of pursuing a Chapter 11 individual bankruptcy case.
Counsel and representation from a highly skilled Chapter 11 lawyer is essential for any person considering Chapter 11 bankruptcy for individuals. Aaron Wernick has built an exceptional record of success in Chapter 11 cases over many years, securing reorganization plan confirmation in approximately 95% of his cases.
The legal profession holds Aaron in high regard as an exceptional Chapter 11 lawyer, with both judges and lawyers complimenting his skills and accomplishments. He has been recognized by Chambers and Partners for bankruptcy and restructuring in the Florida Spotlight Guide for 2024 and earned Top Rated Bankruptcy Attorney status from Thomson Reuters® Super Lawyers®.
Aaron excels in Chapter 11 bankruptcy for individuals due to his extensive experience and finely honed bankruptcy skills and knowledge. His keen negotiating and problem-solving skills and his unwavering dedication to protecting his client’s interests enable Aaron to guide difficult, challenging cases to the finish line by advocating for the client, while strategically and efficiently pursuing solutions that lead to resolution of disagreements.
Throughout a Chapter 11 proceeding, Aaron and the whole team at Wernick Law provide ongoing, personalized attention to the client. Every concern is fully addressed. Every question gets a thorough response. The client is always informed about the status and progress in the case. Clients especially appreciate Aaron’s ability to explain complicated information in a way that is easily understood.
Chapter 11 individual bankruptcy may be a viable option for a person whose debt levels are too high for Chapter 13 bankruptcy, or who has too much income for Chapter 7 or wishes to avoid Chapter 7 liquidation. A business owner who holds debt personally may also be protected by Chapter 11 individual bankruptcy. Unlike Chapter 11, Subchapter V small business bankruptcy, there is no debt limit on filing for Chapter 11 individual bankruptcy. In addition, high net worth individuals faced with extraordinary debt (such as tax debt) may benefit from Chapter 11 bankruptcy for individuals.
The process for Chapter 11 bankruptcy for individuals is very similar to the procedure for standard Chapter 11 business bankruptcy, which is explained on the business bankruptcy page. However, the United States Trustee has specific operating guidelines and reporting requirements that apply to an individual Chapter 11 debtor in possession. Guidance from an experienced Chapter 11 lawyer is imperative for any person considering Chapter 11 individual bankruptcy. Aaron Wernick has the experience, knowledge, and skills to guide clients through the process from start to finish.
In a Chapter 11 individual bankruptcy case, the individual benefits from the automatic stay protection that stops creditors’ collection efforts for the duration of the case as soon as the petition is filed in bankruptcy court. The petitioner retains control of property and assets as a debtor in possession and files a proposed reorganization plan with the court within a specified amount of time after filing the petition.
A trustee is not appointed in most Chapter 11 individual bankruptcy cases, but a creditors’ committee appointed by the U.S. Trustee reviews the individual’s proposed reorganization plan and negotiates with the debtor over the repayment terms. Most reorganization plans provide for repayment over a three- to five-year period, but Chapter 11 does not impose a limit on the repayment period.
For an individual, Chapter 11 may provide more control and flexibility over how debts are restructured, while safeguarding assets and minimizing debts. However, it may be a more complex and costly alternative if other options are available. Chapter 11 lawyer Aaron Wernick advises and represents clients in the individual bankruptcy process and also helps individuals evaluate whether Chapter 11 is the right option for their circumstances.
A Chapter 11 individual bankruptcy may arise from many different circumstances, some of which involve other legal proceedings. In his Chapter 11 practice, Aaron Wernick handles many related legal matters as part of a reorganization bankruptcy case, such as:
Aaron also works with his clients post-bankruptcy in the area of asset protection, so that the value preserved or enhanced through the restructuring is protected going forward.
Aaron Wernick welcomes individuals and referring professionals to schedule a consultation about Chapter 11 bankruptcy for individuals by calling 561-961-0922 or using the online contact form. Based in Boca Raton, Wernick Law serves clients in South Florida (including West Palm Beach, Broward County, and Miami), Southwestern Florida (including Naples and Fort Myers), Tampa, Orlando, Jacksonville, and elsewhere in the state.
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