Chapter 11 Bankruptcy
Helping Clients Throughout Hopkins & Webster Counties
Chapter 11 is a bankruptcy filing usually done by businesses and commercial enterprises that is entitled Reorganization. This type of bankruptcy is for businesses who wish to continue their operations while repaying creditors through a court-approved plan or reorganizing. If you are a business owner in Madisonville or anywhere in Hopkins County or Webster County who is interested in finding out more about filing a Chapter 11 bankruptcy, please contact my office to schedule a consultation with me about your business financial situation.
As a bankruptcy attorney, I have 30 years of experience. I can help you by evaluating the financial picture of your business for a proposed Chapter 11 filing. As in any legal process, it is best to have the counsel and guidance of a skilled and knowledgeable legal professional so that you are fully aware of all the aspects and consequences of your legal decision. That is a job I take very seriously for all my business clients.
Filing the Reorganization Plan
In a Chapter 11 filing, the debtor has an exclusive right to file a reorganization plan with the court in the first 120 days after a bankruptcy petition has been filed. The Chapter 11 debtor must provide information to the creditors so that they may evaluate the plan. The court will approve or disapprove of the plan. If it is approved, the debtor can reduce debts by repaying a portion of them and discharging the rest. This type of bankruptcy also allows the Chapter 11 debtor to end burdensome contracts and leases, recover assets, and revamp its operations in order to become more profitable.
To find how I can help you devise a reorganization plan for your business in a Chapter 11 filing, please contact me so that we can sit down to discuss your business. As a bankruptcy lawyer, I can ensure that you are fully informed about the Chapter 11 process and can help you decide on the best form of debt relief to suit your business and needs. If you are a business owner in Madisonville, Hopkins County, or Webster County who needs legal assistance with a Chapter 11 bankruptcy, contact the Law Offices of Mark Little today!