We, at Zalkin Revell, represent those in financial distress situations. If you find yourself in a financial bind or are facing foreclosure, or just need advice as to whether you should consider bankruptcy protection, give us a call or submit the quick-form on our website.
Certain business entities (usually Limited liability Companies, LLCs) are created as special purpose real estate holdings vehicles. Condominium complexes, apartments, shopping centers and other properties are often held by these special purpose holding entities.
Represented the Debtor, J.W. Ferrell Concrete Co., Inc. in its Chapter 11 Bankruptcy Proceedings in the United States Bankruptcy Court for the District of New Jersey (Case No. 06-14331-KCF). J.W. Ferrell Concrete was a family owned, longstanding concrete company. The case resulted in a negotiated Plan which provided for substantial payments to the debtor's pre-petition lender and a resolution of certain disputed obligation to various union entities.
Foreclosure
The United States Bankruptcy Code specifically provides for Chapter 12 bankruptcy protection for the family farmer. Chapter 12 is designed to provide the farmer with "breathing room" from legal action, asset seizure or foreclosure. It affords the family farmer an opportunity to evaluate all indebtedness, operational expenses and anticipated future revenue. The family farmer is then afforded an opportunity to work with his attorney to propose a plan for reorganizing the debt, including possible reductions in interest rates and modification of other terms. Equipment leases may also be restructured.