Corporations, partnerships, limited liability companies, and other entities most common choice in bankruptcy is Chapter 11 bankruptcy. Individuals are also eligible to file Chapter 11 bankruptcy, but the administrative expenses often make it cost prohibitive. Because of the inherent complexities of a Chapter 11 bankruptcy, the process can take a good amount of time and be quite costly.
Chapter 11 Bankruptcy Services
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Looking for help in filing for Chapter 11 Bankruptcy? All Mlnarik Law Group attorneys have top education, experience, and refined skills to help get you the bankruptcy success you need!
What Happens Under
Chapter 11 Bankruptcy?
A Chapter 11 debtor is allowed to remain in possession of assets and reorganize many, if not all, business affairs. A business may remain open and continue operations, while going through the Chapter 11 bankruptcy and restructuring process permitted under the code.
Once a Chapter 11 bankruptcy is filed, the bankruptcy court will issues an order imposing an automatic injunction, which stays all lawsuits, collection efforts of creditors, collection agencies, or any other creditor. The automatic stay is designed to provide the debtor a chance to breathe and put together ra play to relieve financial pressures while continuing operations.
Creditors have a limited amount of time in any bankruptcy case to bring forth allegations involving fraud or dishonesty, and under certain circumstances the bankruptcy court will appoint a trustee to run the company throughout the bankruptcy proceeding. Businesses who file for Chapter 11 must propose a reorganization plan, which may include the following:
- Downsizing business operations
- Liquidating all assets to repay creditors
- Renegotiating or rejecting of executory contracts
Do I Qualify for Chapter 11 Bankruptcy?
In order to qualify for Chapter 11 bankruptcy, there are a few requirements. You aren’t allowed to file for Chapter 11 bankruptcy and receive the automatic stay in bankruptcy, if you have had another bankruptcy case pending or dismissed within the last 180 days. You are also not allowed to file for Chapter 11 if any of the following applies to you:
- Government agency
- An estate
- Non-business trust
- Stockbroker
- Commodity broker
- Insurance company
- Bank
- SBA-licensed small business investment company
Contact The Mlnarik Law Group, Inc. today to see if Chapter 11 bankruptcy would be right for you or your business. Our bankruptcy team is read to help guide you through the process and take on your case.
Reasons to Choose a Mlnarik Law Group Attorney
The Mlnarik Law Group, Inc. is dedicated to providing clients with the guidance needed to successfully file and complete the Chapter 11 bankruptcy process and emerge from bankruptcy strong than ever. We have considerable experience and knowledge that you won’t find just anywhere.
Attorneys at The Mlnarik Law Group, Inc. handle Chapter 11, Chapter 7, and Chapter 13 bankruptcies for individuals and businesses. Our commitment to your success allows us to work together and get you through the toughest of times.
Contact us to see if we can help get you through the problems of today so that you can focus on your core competencies that will lead you to many successes tomorrow.
