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I own a car dealership in miami and also finance what I sell.

Customer Question
lately my collections have declined...
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: 9 years ago.Category: Bankruptcy Law
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Answered in 1 hour by:
10/1/2008
Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified

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


Please click ACCEPT so that I can get credit for my work

Bonus and Positive Feedback gratefully accepted!


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
Ellen and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 9 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

Bankruptcy Lawyer: Ellen, Attorney replied 9 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.
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Bankruptcy Lawyer: Ellen, Attorney replied 9 years ago
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Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
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