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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I own a car dealership in miami and also finance what I sell.

Customer Question

I own a car dealership in miami and also finance what I sell. lately my collections have declined sharply and repos have increased. I owe banks 3m and 800 clients owe us about 4m+. our payments of about 160k monthly to banks have become harder and harder to make and we are presently late with no relief in sight. We have equity but no cash flow. Can you help?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question. I am happy to assist you.


You can consider a Chapter 11 bankruptcy. A Chapter 11 bankruptcy is a reorganization. It can force lenders to restructure loans. The Chapter 11 may give you the time and help that you need.


A Chapter 11 bankruptcy is very complex and specialized. You will need several hours of a local bankruptcy attorney's time to fully evaluate your situation and come up with a workable plan to propose to the court.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


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Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.

Can you give an idea as to how much a bankrupcy would cost , my only creditors are two banks secured by finance contracts and one mortgage

Expert:  Ellen replied 8 years ago.
Hello,

A Chapter 11 is complex and thus is often costly. I suggest that you interview several bankruptcy attorneys for fee quotes.

Best of luck.
Expert:  Ellen replied 8 years ago.
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