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Chapter 11 bankruptcy allows businesses and eligible individuals in financial trouble to reorganize their finances by restructuring debt and eliminating certain burdensome leases and contracts. Typically a business can continue to operate while it is in Chapter 11, although under the supervision of the Bankruptcy Court and its appointees.
Your business can initiate a voluntary Chapter 11 petition but your creditors in certain circumstances can put your business into bankruptcy by filing an involuntary petition which means you are being forced into bankruptcy.
The U.S. Bankruptcy Code’s Chapter 11 is a complex set of laws and regulations that require those who file under this chapter to make choices that can have undesirable results if not properly done.
A Chapter 11 bankruptcy attorney can explain in detail the various aspects involved in your particular case and guide you through the complex bankruptcy process.
The paperwork required by Chapter 11 is massive. Your bankruptcy attorney can advise you on what financial information is necessary to file your petition and prepare your petition to avoid any mistakes that could delay your bankruptcy or cause it to be dismissed. Once your petition is ready, your attorney will file it with the U.S. Bankruptcy Court.
During the bankruptcy process, your attorney will communicate on your behalf with the trustee the court assigns to your bankruptcy. Your attorney also will represent your interests at the Meeting of Creditors.
Should any other documentation be required, your attorney will help you prepare and submit them.
Your bankruptcy attorney will continue to be your guide in any other steps and represent you until your bankruptcy is discharged.
If your business is facing foreclosures, lawsuits, liens, repossession, or wage garnishment, it is in your best interest to hire an attorney who specializes in Chapter 11 bankruptcy. With legal assistance, your bankruptcy can help eliminate your debt and give you a fresh financial start.