On March 6, 2019, Attorney Karina Lucid presented a CLE program with Clerk of Court, Jeanne Naughton, and Judge Poslusny, Jr., of the United States Bankruptcy Court for the District of New Jersey, Camden Vicinage, on the subject of Small Business and Individual Chapter 11 proceedings. Ms. Lucid’s Chapter 11 seminar was sponsored by the International Women's Insolvency & Restructuring [...]
What is Chapter 11 Bankruptcy? Chapter 11 bankruptcy is most thought of as the commercial bankruptcy option for businesses, sole proprietors and partnerships. And it involves a reorganization of a debtor's business affairs, debts, and assets. While the debts are being restructured, they liquidate assets and restructure payment plans with creditors. Chapter 11 is also available to individuals. However, not [...]
Doing what you’ve been doing is going to get what you’ve been getting. —Seth Godin Remember that classic definition of insanity—doing the same thing over and over while expecting different results? Filing for individual Chapter 11 bankruptcy represents only one step of your journey to financial wellbeing. Your goal should not simply be to reset financially, but rather to recover—and [...]
Like all forms of bankruptcy, filing an Individual Chapter 11 Bankruptcy isn’t the end of your financial dream; it’s actually a method of resetting. While your financial difficulties may put a strain on your business, you still owe it to yourself to move forward. Here are some best practices to begin doing just that. Keep Business and Personal Finances Separate [...]
You’ve decided to handle your debt through Chapter 11 individual bankruptcy. You’ve met with a credit counselor, filed your petition, submitted your monthly operating reports and have had your Section 341 meeting. Now what else do you need to do? The New Jersey Bankruptcy Court’s website provides an excellent breakdown of the basics of the Chapter 11 process. However, this [...]
In contrast to the liquidation approach, when you opt for a reorganization Chapter 11, you’re not selling off assets. You're just restructuring your debt in a way that’s more favorable to you. In many ways, a reorganization Chapter 11 “rhymes” with a Chapter 13. For instance, you get the ability to make payments to creditors. This tool is particularly useful for [...]
Being challenged in life is inevitable, being defeated is optional. – Roger Crawford What is an individual Chapter 11? As someone with an unmanageable debt, you need solid answers about how to get free from your burden. Most people who need bankruptcy turn to either Chapter 7 or Chapter 13. But what if you have too much income to qualify for [...]
You build on failure. You use it as a stepping stone. Close the door on the past. You don't try to forget the mistakes, but you don't dwell on it. You don't let it have any of your energy, or any of your time, or any of your space. –Johnny Cash It is hard to imagine that you’d end up [...]
