Best Restructuring & Insolvency Lawyers in San Juan

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Founded in 1980
50 people in their team
Spanish
English
Your trusted partners in immigration law, banking law, commercial law and regulatory affairs. With over 40 years of experience.At Ana Del Mar Morales Cotto & Rushford Legal Group, we have been providing exceptional legal services in critical areas such as family and business immigration,...
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RGF LAW FIRM

RGF LAW FIRM

1 hour Free Consultation
San Juan, Puerto Rico

Founded in 1997
8 people in their team
Spanish
English
RGF LAW FIRM | Trusted Puerto Rico Legal Experts Since 1997We have been proudly serving clients in Puerto Rico since 1997, offering trusted legal expertise and personalized solutions. Our dedicated team is committed to meeting your legal needs with precision and professionalism.We specialize in a...
McConnell Valdés LLC
San Juan, Puerto Rico

Founded in 1946
50 people in their team
Spanish
English
The evolution of McConnell Valdés has always been linked to the progress of Puerto Rico. Founded in 1946 by lawyers Herbert McConnell and Adolfo "Wally" Valdés, it begins at a time when Puerto Rico was embarking on an industrialization process that would bring in the giants of the manufacturing...
IRW

IRW

San Juan, Puerto Rico

Founded in 2000
50 people in their team
Spanish
English
Our TeamOur all-female team of professionals is eager to show you a level of personal care and exceptional service that makes being our client a positively unique experience you will never forget.IRWIRW is more than a law firm; it’s a one-stop shop for planning a secure future. We don’t just...
Vivoni Law Office, LLC.
San Juan, Puerto Rico

Founded in 2007
50 people in their team
Spanish
English
Welcome to Vivoni Law Office - Your trusted partner in navigating the Puerto Rico legal landscape.With 16 years of experience specializing in marketing law, notarial services, property closings, commercial relationships, contractual and administrative law, our practice boasts a warm,...
Bellver Espinosa Law Firm
San Juan, Puerto Rico

Founded in 2000
50 people in their team
Spanish
English
Welcome to the Bellver Espinosa Law FirmWe are a boutique litigation Law Firm that has successfully represented corporate and individual clients in State and Federal Courts as well all levels of Appellate Courts. Our lawyers are focused on a singular goal: achieving the best possible cost-effective...
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About Restructuring & Insolvency Law in San Juan, Puerto Rico

Restructuring and insolvency law encompasses the legal processes and frameworks used to address the financial distress of businesses and individuals who are unable to meet their debt obligations. In San Juan, Puerto Rico, these matters are governed by a combination of federal and local laws designed to help debtors manage or discharge their debts, protect creditor rights, and promote fair solutions to financial difficulties. The goal of restructuring is often to preserve viable businesses and jobs, while insolvency proceedings, such as bankruptcy, may offer a way for individuals or entities to achieve a fresh start or an orderly wind-down of assets.

Why You May Need a Lawyer

Dealing with restructuring or insolvency is complex and often daunting for individuals and business owners. You may require the assistance of a lawyer in situations such as:

  • Facing overwhelming debt and considering bankruptcy
  • Needing to negotiate settlements with creditors
  • Restructuring a business to avoid insolvency or liquidation
  • Defending against creditor lawsuits or collection actions
  • Managing the legal process surrounding foreclosures or asset seizures
  • Seeking protection under the U.S. Bankruptcy Code as applied in Puerto Rico
  • Understanding your rights and obligations in insolvency proceedings
  • Representing creditors in insolvency or bankruptcy cases
  • Complying with local laws and federal regulations that impact insolvency

A knowledgeable lawyer can guide you through legal options, represent your interests, and help you make informed decisions during this challenging time.

Local Laws Overview

In San Juan, Puerto Rico, restructuring and insolvency cases are typically handled under federal law, particularly the U.S. Bankruptcy Code, because Puerto Rico is a U.S. territory. However, certain provisions and local statutes make the landscape unique. Key aspects include:

  • Federal Bankruptcy Law: Puerto Rico residents and businesses have access to Chapters 7, 11, and 13 of the U.S. Bankruptcy Code, allowing for liquidation, business reorganization, or individual repayment plans.
  • PROMESA Act: The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a special federal law addressing the unique fiscal situation of Puerto Rico. It provides a legal framework for restructuring Puerto Rico’s government debt, which does not fall under the typical bankruptcy chapters.
  • Local Regulations: While most bankruptcy proceedings are under federal jurisdiction, Puerto Rican courts may get involved in matters like contract enforcement, debt collection, and other creditor-debtor disputes outside federal bankruptcy.
  • Mortgage Foreclosure: Local foreclosure laws may affect individuals facing the loss of their home, and often interact with federal bankruptcy protections.
  • Tax and Governmental Claims: Some debts to the Commonwealth of Puerto Rico or local municipalities may have unique legal implications or protections in restructuring cases.

Given the interplay of federal provisions and local regulations, it is crucial to consult a legal professional familiar with the nuances of Puerto Rican and U.S. law.

Frequently Asked Questions

What types of bankruptcy are available in San Juan, Puerto Rico?

Individuals and businesses in San Juan can file under Chapter 7 (liquidation), Chapter 13 (repayment plan for individuals), and Chapter 11 (reorganization for businesses and some individuals). Public entities may be subject to PROMESA proceedings.

How does the PROMESA Act impact insolvency in Puerto Rico?

PROMESA provides a legal mechanism for the government of Puerto Rico to restructure its debts, independently of the federal bankruptcy code, under the supervision of a federal oversight board.

Can individuals really get a fresh start through bankruptcy?

Yes, filing for bankruptcy can provide individuals with relief from many types of unsecured debts, stop collection actions, and offer an opportunity for a financial reset.

How long does the bankruptcy process take in San Juan?

The timeline varies by case and chapter. Chapter 7 cases often resolve in a few months, while Chapter 13 and Chapter 11 cases can take several years due to repayment plans or complex reorganizations.

Will I lose all my assets in bankruptcy?

No, there are federal and local exemptions that may allow you to keep essential assets like your home, car, and personal belongings, depending on your situation and the type of bankruptcy filed.

How does business restructuring work?

Business restructuring typically involves negotiating with creditors, proposing plans to reduce debt, selling non-essential assets, or seeking court protection to reorganize under Chapter 11.

Can creditors continue to collect after I file for bankruptcy?

Generally, the "automatic stay" provision under the Bankruptcy Code halts most collection actions, garnishments, and foreclosures as soon as a bankruptcy petition is filed.

Are all debts dischargeable in bankruptcy?

No. Certain debts such as child support, most taxes, fines, and student loans are typically not discharged in bankruptcy except in specific circumstances.

Do I need to appear in court for insolvency cases?

Most cases require at least one appearance, such as at a creditors’ meeting, but your lawyer can appear on your behalf for many aspects and guide you on requirements.

How can I find out if bankruptcy or restructuring is right for me?

It is important to consult a restructuring or insolvency lawyer in San Juan who can evaluate your financial situation and recommend the best legal path forward based on your goals and circumstances.

Additional Resources

For those seeking further information, the following bodies and organizations offer helpful resources and guidance related to restructuring and insolvency in Puerto Rico:

  • U.S. Bankruptcy Court for the District of Puerto Rico
  • Puerto Rico Department of Justice (Departamento de Justicia de Puerto Rico)
  • Federal Oversight and Management Board for Puerto Rico (established by PROMESA)
  • Puerto Rico Bar Association (Colegio de Abogados y Abogadas de Puerto Rico)
  • Consumer protection offices and nonprofit legal aid organizations

Engaging with one or more of these entities may provide valuable information and, in some cases, access to legal assistance.

Next Steps

If you or your business are facing financial distress or struggling to meet debt obligations in San Juan, Puerto Rico, consider the following steps:

  • Gather all relevant financial documents, such as loan statements, creditor notices, business records, and tax returns
  • Make a list of your debts and assets
  • Consider your goals, such as preserving your home, saving your business, or obtaining debt relief
  • Consult with a qualified restructuring and insolvency lawyer in San Juan to review your legal options and rights
  • Act promptly, as delays can limit your legal options or make your financial situation more difficult

Legal counsel can provide clarity, protect your interests, and help you navigate a path toward financial recovery or resolution in accordance with Puerto Rican and U.S. law.

Lawzana helps you find the best lawyers and law firms in San Juan through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in San Juan, Puerto Rico - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.