What is Chapter 11 bankruptcy?
Chapter 11 bankruptcy applies to small business owners looking to save their business, not shut it down completely.
Can anyone file for Chapter 11 bankruptcy?
In order to file for Chapter 11 bankruptcy you must be filing it as a small business debtor. If planning on continuing your business after your claim is filed, Chapter 11 bankruptcy is the best option for you.
Who controls the business once Chapter 11 bankruptcy is filed?
As the business owner, you will remain in full control of your business after Chapter 11 bankruptcy is filed.
What does “automatic stay” mean?
After Chapter 11 bankruptcy is filed “automatic stay” is put into place. This means that any credit collections, foreclosures and repossessions are put on hold temporarily. There are some exceptions to this and this is only put into place until Chapter 11 bankruptcy discharge is granted, denied or the case is dismissed.
How do I file for bankruptcy?
In order to file for bankruptcy you will want to arrange a list of debts from your past and present. Along with any assets and liabilities you may have. A few other steps will need to be taken, our attorneys can help explain all the bankruptcy steps to you when you meet with them.