Kansas Bankruptcy Chapter 11 Attorney
Does your business need bankruptcy protection?
Sometimes collection calls, lawsuits, utility disconnections, eviction notices and property foreclosure afflict a business until it becomes too much. If this is happening to your business to some degree, you should consider Bankruptcy Chapter 11. As with the filing of other bankruptcy chapters, all creditor harassment against you must stop while you still continue to run your business on a day-to-day basis but under court supervision. If you are a Kansas business needing relief from creditors, you are urged to contact a Kansas bankruptcy attorney.
Benefits of Chapter 11
While in Chapter 11, you formulate with your attorney's assistance a Plan of Reorganization. This is a plan to repay your creditors while keeping your business afloat. In the process of putting this plan together you may achieve benefits for your business including:
- Reject leases and contracts without repercussions
- Lengthen the time you have to pay a loan
- Negotiate to reduce the amount of a loan
- Buy time to catch up on real estate payments or to sell a piece of property in which you have equity
- Challenge claims by creditors
Ultimately, you will need to have your plan approved by the court. Though sufficient creditors must normally agree to the plan, if other plan requirements are met, the court may force the creditors to accept your plan. The help of a skilled Chapter 11 attorney is essential to make this matter go smoothly.
Does my business qualify?
Not every business will qualify for a Chapter 11 bankruptcy filing. To determine whether your company qualifies, your attorney will look to see if you fit the following criteria:
- Your business is a partnership, corporation or limited company; and
- Your business is not a government entity.
To file under this Chapter, you will need to provide thorough financial statements as well as a detailed and accurate schedule of assets and liabilities. You can sell assets prior to filing Chapter 11 but cannot sell after filing your petition. The cash in your business can only be used as collateral with the permission of the court and the permission of creditors.
After you file your Chapter 11 bankruptcy petition, you must submit a plan of reorganization within 120 days. Restructuring debt is the main purpose of this type of bankruptcy, and the reorganization plan must be confirmed by the court to go into effect. Creditors are also more involved in this type of bankruptcy than in others.
Due to the complex nature of Chapter 11 cases and the fact that a corporation as opposed to an individual person is filing, attorney representation is required. Make sure you work with a lawyer who has the experience and the resources to properly handle your claim while preserving your company’s assets and forwarding your goals. At our firm, we are committed to the competent and personalized handling of our clients Chapter 11 filings. We represent businesses throughout Kansas, large and small, who are looking to restructure their debt. In addition to helping you through the process of determining whether to file and whether Chapter 11 is the right option for your company, we can properly handle your case every step of the way to help ensure it can progress smoothly and swiftly.
Experienced Kansas Bankruptcy Chapter 11 Attorney
We of Rick Hodge, Attorney at Law, are a seasoned Chapter 11 firm familiar the use of Chapter 11 to assist businesses to survive creditor stress. The leader of the firm has been working in the area of finance for more than 14 years and holds an advanced certification in financial law and commercial services. We urge you to contact us. We will endeavor to learn of your business situation and evaluate how best to use the Chapter 11 law for your benefit.
Contact a Kansas Chapter 11 bankruptcy lawyer
for conscientious and reliable service.