Chula Vista Chapter 11 Lawyer
How a Chula Vista Bankruptcy Attorney Can Help
Chapter 11 bankruptcy is typically filed by businesses, corporations, and also by individuals with large amounts of debt and high assets who do not qualify to file under Chapter 7 or Chapter 13 bankruptcy.
Although complicated and limited, Chapter 11 offers a good path for businesses and people who are facing certain unique circumstances. Our bankruptcy attorney in Chula Vista can help you examine your options and determine if Chapter 11 is the ideal course of action for you.
Contact us today and speak directly with our bankruptcy lawyer in a no-obligation, complimentary, case review.
How Can Chapter 11 Bankruptcy Resolve My Business Debt?
In Chapter 11 bankruptcy, the goal is to find a reorganization plan that will be approved by a bankruptcy court. This plan will set out exactly how you will repay what is owed, serving essentially as a contract.
If and when your bankruptcy plan is accepted, you will be headed towards financial relief and a chance to start again. In most cases, your Chapter 11 bankruptcy proceedings may take up to 2 years, depending on your circumstances.
During this time, you may still be allowed to continue your business operations with limited control, if the court consents. Our team at Denton Law Group can help you create a feasible plan that will enable you to achieve the fresh start you need. We believe that preparation and planning is key to a positive outcome.
By working hard to create a thorough plan complete with extensive documentation, we set our clients up for success.
Debtor in Possession
After you file a petition for your business, you will be considered a “debtor in possession”. This differs from both Chapter 7 and Chapter 13. You may be able to do some business as usual, but you will need court approval for anything that falls beyond those limited actions. It is a transitional stage where you can try to salvage as much value as you can from your assets while your creditors still have a legal claim.
Being a debtor in possession can help you avoid liquidation and fire-sale prices, which is beneficial to both you and your creditors. Your creditors have a strong say in the process, but you are allowed a chance to recover through reorganization.
What is Involved in Chapter 11 Reorganization?
A few decisions involved in your reorganization plan under Chapter 11 will include:
- A proposal for how much each creditor should be paid.
- A meeting with a court-appointed committee of major creditors.
- A submission by the creditors of their desired modifications to the plan.
- A vote by the creditors to accept or reject the plan.
The legal part of your bankruptcy is over when ⅔ of the creditors accept the reorganization plan. Your debts will be replaced by the new debts confirmed by the court. Not all debts will be able to be discharged in this way, but our Chula Vista Chapter 11 bankruptcy lawyers can ensure that your debts will be resolved as much as possible.
Bankruptcy Can Offer a Fresh Start
Many successful businesses and companies have filed Chapter 11 bankruptcy at some point, including:
- Six Flags
- United Airlines
- General Motors
- Abercrombie & Fitch
If you are considering Chapter 11 bankruptcy, you are in good company. Don't view bankruptcy as a death sentence, but as a fresh starting point and the chance to begin again.
"Mr. Denton helped me to save my home and my sanity. He was very helpful and patient."R.A.M.
There are many questions surrounding bankrupcty and debt relief. Get answers to common questions from our attorney.View FAQ
Check out our blog posts for detailed explanations of how you can navigate certain debt-related situations.Read Our Blog
Don't be fooled by common myths! Learn more about what bankruptcy is and how it can help you get back on track.Learn More