CHAPTER 11 BANKRUPTCY
p class=ecxMsoPlainTextChapter 11 bankruptcy is used primarily for a reorganization, and is typically employed for businesses such as corporations and partnerships. Chapter 11 can also be filed for individuals with large debts/assets who do not meet the strict asset/debt limitations of Chapter 13 bankruptcy. Filing Chapter 11 bankruptcy will offers greater flexibility and options than other chapters and can be extremely useful to restructure your debt. Filing a title=chapter 11 bankruptcy href=http://www.bankruptcyattorneyincalifornia.com target=_blankChapter 11 bankruptcy/a can be very useful in real estate cases when trying to catch up on past due payments, or buying time to sell property that has equity. Our bankruptcy attorneys will also explain how Chapter 11 will help when dealing with delinquent taxes, or various situations where you need time to catch up on delinquent payments, but keep your business operating while reorganizing./p
p class=ecxMsoPlainTextnbsp;Chapter 11 is different than filing other bankruptcy actions in that the Debtor is a debtor-in-possession, meaning that he/she/it remains in possession of all its assets and its ongoing business. In other words, the Debtor is the Trustee for the estate. Chapter 11 also empowers the Debtor with the ability to object to filing a creditor claim, filing a lien against property, oppose leases and contracts without penalty, extend time frames for repayment to existing creditors or reduce the amount owed to them. Additionally, in many cases there is litigation associated with Chapter 11 bankruptcy filing./p
p class=ecxMsoPlainTextThe key to a successful Chapter 11 bankruptcy case is pre-bankruptcy planning. As is the case with Chapter 13 and, to an extent, with Chapter 7, very few a title=Chapter 11 href=http://www.bankruptcyattorneyincalifornia.com target=_blankChapter 11/a cases are successful when the Debtor arrives at the attorneys office needing to file the petition immediately. This is true with any chapter of the bankruptcy code, but is particularly true in a Chapter 11. Why? Because the administrative burdens, time constraints, financial pressures, and other problems are so great, that a failure to plan ahead and prepare as much documentation as possible prior to filing will usually end in disaster. All you will end up doing is paying your attorney several thousand dollars for a few months breathing room, only to end up where you were you started./p
p class=ecxMsoPlainTextThe ultimate purpose of a Chapter 11 bankruptcy is to get a Plan of Reorganization (repayment) confirmed by the Court. The requirements for a repayment plan can be rather complex and requires the skills of a qualified bankruptcy attorney with Chapter 11 bankruptcy filing experience. The Plan is basically a contract with ones creditors as to how they will be repaid. There are several ways to formulate a Chapter 11 Plan, subject to the requirements and limitations of the Bankruptcy Code. Finding the right attorney for your Chapter 11 Bankruptcy Plan is critical. At Zhou amp; Chini, skilled attorneys will explore all avenues available to improve your financial position and secure the success of your business. Please contact our law offices today to schedule a FREE and CONFIDENTIAL consultation to see if filing Chapter 11 bankruptcy is right for you. Please visit our site a title=bankruptcyattorneyincalifornia href=http://www.bankruptcyattorneyincalifornia.com target=_blankhttp://www.bankruptcyattorneyincalifornia.com/a/p
