Chapter 11 Bankruptcies involves reorganizing a business and assets in order to repay creditors of the business. A business filing a Chapter 11 Bankruptcy has 120 days to submit an exclusive reorganization plan and must carry out that plan. The benefit of this form of bankruptcy is that the assets are still in possession of the business, allowing the business to remain running during the Chapter 11 Bankruptcy.
Chapter 11 Bankruptcies is a long and sometimes costly process. It is important for business owners to ensure their have a highly experienced bankruptcy attorney who can maneuver through these complex steps all while defending them when dealing with creditors and the court. At Taylor Law we can help you understand if filing a Chapter 11 Bankruptcy is right for you and provide you with legal advice throughout the whole Chapter 11 process.
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Chapter 11 Bankruptcy is a corporate bankruptcy that allows a debtor time to restructure their assets and affairs. Chapter 11 Bankruptcies reorganize organizations so that debtors get a new start and a clean slate. While this reorganization is a great tool for many corporations, this is one of the most complicated bankruptcies and therefore requires highly experienced legal representation. Here at Taylor Law we have the board certified legal experience you need!