Chapter 11 Bankruptcy Law Firm
Chapter 11 is a reorganization proceeding, typically for corporations or partnerships. In a Chapter 11 bankruptcy filing, the debtor usually remains in possession of the assets and continues to operate any business, subject to the oversight of the court and the United States Trustee. The debtor proposes a plan of reorganization, which, upon acceptance by a majority of the creditors, is confirmed by the court and binds both the debtor and the creditors to its terms of repayment. Plans can call for repayment out of future profits, sales of some or all of the assets, or a merger or recapitalization.
A Chapter 11 bankruptcy proceeding is powerful measure that companies might use if they have suffered a major loss, or are in significantly arrears in lease payment or payments to vendors. A professional such as a doctor, lawyer, or accountant may use a bankruptcy lawyer to help them file a Chapter 11 as a way to maintain their assets, while paying down their debt. High-income professionals must file a Chapter 11 when their debts exceed the limits of Chapter 13.
Our bankruptcy law firm will also act in defense of personal guarantees and tax liabilities. We will seek to get an action stayed to give the debtor time to restructure the company. This is not a common type of bankruptcy in Upstate New York, although we have successfully completed Chapter 11 business bankruptcies in our area.
If you would like expert advice from a Chapter 11 bankruptcy attorney, we urge you to call our law office today, or contact our bankruptcy law firm via the Internet. For your convenience, we have two office locations.
