Working With You Throughout The Chapter 11 Process
Last updated on June 21, 2024
A bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code is often called “reorganization” and may be one option for a business where its owners believe that extra time to pay creditors can help the business turn around. A Chapter 11 bankruptcy provides protection so that a business can continue operating and use the revenue to pay off debts as part of a reorganization plan.
When you work with one of our experienced Santa Rosa Beach Chapter 11 bankruptcy lawyers, you can feel confident that you will receive competent, straightforward legal advice that you and your business can rely on.
Filing Chapter 11 Bankruptcy Has Several Steps
In order to file for Chapter 11 bankruptcy protection, a company must file the following items with the court:
- An inventory of all assets and debts or liabilities
- A current income statement, including revenues and expenses
- Documentation of all contracts and unexpired leases
The debtor must also develop a reorganization plan. In certain circumstances, creditors may propose the reorganization plan. Either way, the creditors must vote and approve the plan. Without the creditors’ approval, the court will not confirm the plan and Chapter 11 cannot move forward. The initial filing requirements and gaining approval from creditors is not an easy task, which is why you will want to make sure you work with an experienced attorney who can help guide you through this process.
For companies with a strong growth potential and where continuing the business can generate more income than selling assets, a Chapter 11 bankruptcy can be a wise decision. In those cases, however, where the reorganization plan is not approved by the creditors or where the plan fails, the business will have the option of converting to a Chapter 7 bankruptcy and liquidating assets to pay off its debts.
Effective Legal Representation For Your Case
Our founding attorney, Daniel W. Uhlfelder, is a business owner, an entrepreneur, a licensed realtor and a business law lawyer who is experienced at navigating the interconnected worlds of business and real estate/property development. No matter what legal issue arises for your business, he and our legal team are ready to assist you and provide practical legal advice and counsel.
Our goal is to guide you through the Chapter 11 business bankruptcy process as smoothly and as quickly as possible so that your business can emerge from a Chapter 11 bankruptcy as a strong and viable business. Contact or call our Santa Rosa Beach, Florida, law office today at 850-909-2225 to learn more about how an experienced lawyer can help with your business reorganization legal matters.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.