The only consistent aspect of a commercial bankruptcy is that each case is unique. There are several types of business organizations including: partnerships, joint ventures, S-Corps, LLCs, corporations and non-profits, and each has a set of unique issues with which Consumer Law Pro is familiar. Many commercial organizations pursue Chapter 11 reorganization. An effective chapter 11 reorganization provides the business adequate time to put a plan together to pay creditors and reemerge as a viable entity. We have provided legal counsel for businesses with secured creditor disputes, liens on collateral and defaults in leases and franchise agreements.
Consumer Law Pro advises companies of all sizes of the benefits they can expect to receive through a chapter 11 bankruptcy filing.
Chapter 11 bankruptcy is used mostly by businesses, however it may be used by consumer debtors with unsecured debt exceeding $360,475.00. In chapter 11 bankruptcy, you may continue to operate your business while your attorney, your creditors and the court work together to approve a plan to repay your debts. There is no bankruptcy trustee unless the judge decides one is necessary; if a bankruptcy trustee is appointed, the trustee takes control of your business and property.
As a former attorney advisor with the U.S. Small Business Administration, attorney William L. Foster has the expertise necessary to advice you on options short of chapter 11 bankruptcy to resolve your financial situation.
If your business is unable to continue, there may be no reason to file for chapter 11 bankruptcy. A bankruptcy attorney can help you look at alternatives such as a corporate wind-up, a Uniform Commercial Code sale of assets, or a liquidation (auction) to pay all or a portion of your outstanding bills. In many situations, we advise business owners not to file for chapter 11 bankruptcy until they have explored alternatives short of bankruptcy to resolve their debt problems.
If chapter 11 bankruptcy is your only way out, we can help you file the type of bankruptcy that is best-suited to your business organization and your goals. Those options include Chapter 11 bankruptcy (business reorganization) or Chapter 7 bankruptcy (liquidation of business assets).
When consulting with business clients concerning Chapter 11 bankruptcy, an initial consideration is whether the business has sufficient business prospects and cash flow to qualify for a Chapter 11 Bankruptcy Reorganization. To assist you in filing for Chapter 11 Reorganization, we will help you analyze your entire business structure and we will develop a plan that has the best chance of obtaining approval from the banks, mortgage companies, and other creditors.
Under the new Bankruptcy Act of 2005, credit counseling and other filings may be required, Contact a Chapter 11 Bankruptcy Lawyer to find out about all of your legal options.