Businesses, partnerships, and even individuals can file for Chapter 11 bankruptcy.
So, if you and your company are looking for relief from creditors and overwhelming debt, the lawyers at Parker & DuFresne will formulate a plan to deal with and control your financial obligations.
Chapter 11 is the best chapter of bankruptcy to file if your company is viable with some debt restructuring.
Parker & DuFresne of Jacksonville will help you formulate your business decisions and represent you as your expert bankruptcy lawyers.
Chapter 11 can be ideal because, with court approval, the business can remain open and operational during the bankruptcy process.
So, in the event of mismanagement or a change in ownership, filing bankruptcy could be the best choice for your company.
With our team of Chapter 11 bankruptcy lawyers, the complex and formal nature of this filing can be made accessible.
Likewise, our attorneys will provide counsel and help you navigate the demands of your bankruptcy trustee and any adverse creditor committees.
Chapter 11 Steps
Step 1
Parker & DuFresne attorneys will follow up the initial filing of a Chapter 11 petition with “first day motions” to be heard by a court.
These motions are meant to establish immediate payments to certain creditors to avoid interruption of your business activities.
Avoiding disruption means allowing your company to continue generating revenue for payroll, suppliers and officer salaries.
Step 2
Our Chapter 11 bankruptcy lawyers will protect and support you during this time. We will put an automatic stay in place.
This will stop collection attempts, lawsuits, and foreclosures.
Step 3
After conferring with a U.S. trustee, and possibly at least one creditors committee, we will craft a plan to repay your debts.
The plan determines when creditors will be paid and exactly how much they will receive.
Step 4
The bankruptcy judge must confirm the finalized plan, and your company pays the debts according to this plan.
The confirmed plan becomes the law of your case.
Step 5
Once your company makes every plan payment, the court discharges any remaining unpaid debts, and the case closes.
The time involved in a Chapter 11 case varies drastically based on the situation.
Chapter 11 can be a valuable tool for those trying to overcome debt.
For instance, it deploys a designated road map designed to keep your business humming.
Likewise, it pays off some or all debt to creditors as well as possibly lower secured debt to fair value.
Though businesses are the usual debtors in this type of bankruptcy, any person whose income exceeds the Chapter 7 limits and has debt levels exceeding Chapter 13 limits should talk to our attorneys about the options a chapter 11 bankruptcy may offer.
Preparation Instructions
The attorneys at Parker & DuFresne will explain what documentation, information, and bank records you will need to bring with you to your consultation.
