Indiana Business Bankruptcy Lawyer
If your business is having trouble paying its creditors, you may find that filing bankruptcy under Chapter 11 is a reasonable option. Chapter 11 gives a business time to reorganize and pay creditors over a period of time. A business must comply with a number of specific requirements in order to file Chapter 11. As a result, a bankruptcy lawyer can offer invaluable assistance through the length of the process. Contact Jeffrey S. Arnold, Attorney at Law, P.C.
Fort Wayne Chapter 11 Bankruptcy Attorney
A Chapter 11 typically begins when the debtor business files a bankruptcy petition. This petition will include a list of all assets and liabilities, a list of current income and other financial documentation. Once bankruptcy is filed, the automatic stay commences. The automatic stay will stop all attempts by your creditors to collect on what they are owed.
A trustee, who will oversee the bankruptcy, will be appointed. The bankruptcy trustee will appoint a creditor's committee. The creditor's committee typically consists of the debtor business's largest unsecured creditors.
A "plan of reorganization" must be filed with the bankruptcy court. This plan will detail how to pay back creditors. The creditor's committee will have some input in the plan of reorganization. When businesses have numerous creditors, Chapter 11 may not be as effective, since creditors have a say in the final reorganization plan.
In the event that your company cannot maintain operations, Chapter 7 is probably the best choice for your company. Under a business Chapter 7, there are no exemptions. All assets of the company will be liquidated and used to pay creditors. In many cases, Chapter 11 bankruptcies are converted into Chapter 7 bankruptcies.
Contact Jeffrey S. Arnold, Attorney at Law, P.C. • 260-420-9600
Get good advice instead of wishing you had. Call or e-mail our law firm to discuss how filing Chapter 11 may help to revitalize your business. Se habla español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
