Chapter 11, sanitizing of debts
Chapter 11 is the part of the United States Bankruptcy Code that in general provides time and peace to provide a reorganization og reconstruction of a business og corporation in order to avoid Bankruptcy – or at least to investigate the options.
Since we do Danish tax law and Danish civil law in accordance to family, money and assets we do off course not arrange reconstructions or any other action under the US legislation. But we do help private persons or private owned businesses with reconstruction, sanitizing of debts and other actions to avoid bankruptcy under the Danish legislation.
When you run a business or if you do investments, enter large speculative positions, develop property – or if you get divorced – you may find yourself in a position you did not expect and that may appear hopeless.
This does not necessarily mean that you have been incompetent or careless. Sometimes these situations just appear if you take a huge risk or if the winds are blowing in other directions than you have foreseen. The risk is part of the game for many.
We can help you with this sometimes complicated process.
We can help with getting an overview of the situation and to discuss your options.
In some cases we may help to solve the situation with reduction of debts, calculate and report tax deductions of the losses (making your able to earn tax free profits afterwards) and to protect the family home.
In other cases we may advise you to realize what you have got, lay down flat and run as fast as possible through the Danish probate court debt sanitation institute. This may sound terrible – but we have during the years provided more than 300 solutions through this system with cutting the debts to a minimum and making it possible to look forward.
Example: A client with a debt from an investment failure of DKK 12 mio. and an annual interest of 16%. Regardless his salary income on DKK 2 mio. a year it was not possible to achieve any solution for him. Through the probate court and with intense preparation before we took the case there, the debts were reduced to DKK 1,5 mio. and with no interest (!). The day after the verdict he could get on with his in all other perspectives excellent life.
If you find yourself in an unwanted position you may find countless of offers to help. Our solution may not be the cheapest ticket in town. But we offer your serous counselling by senior advisors and with the experience to address simple and complicated matters.