You worked hard to build your business - don't let excessive debt, litigation, slow down in sales, taxes, or changing economic conditions cost you everything. If you need business restructuring services, reach out to Goodman Law Offices in Thousand Oaks, CA. Andy Goodman can help you negotiate with your creditors to restructure your debt, or if necessary, advise and guide your business through a Chapter 11 business reorganization.
Andy Goodman focuses on family-owned business restructuring. Call 818-802-5044 now to find out what he can do for your business.
As part of your business restructuring services, Andy Goodman can assist you with...
- Negotiating with creditors
- Filing for Chapter 11 bankruptcy
- Securing new services of funding
- Rescheduling your debts
Business restructuring doesn't have to be complicated. When you hire Andy Goodman, you can trust him to explain your options to you and educate you regarding the process, the timing and costs involved so that you can make a fully informed decision. He will make sure that you understand all of your options.
Set up a free phone consultation today.
A Chapter 11 Bankruptcy is oftent referred to as a "reorganization" and generally involves a corporation or partnership, but may also involve a qualifying individual debtor. In a Chapter 11, the formulation and confirmation of a Chapter 11 Plan of Reorganization is the focus of the proceeding with the goal of establishing the priority and amount of payments to be made to creditors during the term of the Plan of Reorganization.
Upon the filing of a Chapter 11 case, the debtor becomes a "debtor in possession," and generally keeps possession and control of its assets during the reorganization, without the appointment of a Trustee. 11 U.S.C. § 1101. Chapter 11 proceedings may also include additional proceedings to protect creditor rights and property because the debtor occupies this position.
Since Chapter 11 allows debtors to remain in possession of their assets and was designed primarily for corporations, partnerships and other business entities, the obligations and duties imposed on Chapter 11 debtors in possession are significant. A Chapter 11 bankruptcy case take longer and are, in most cases, significantly more expensive then either a Chapter 7 or Chapter 13 bankruptcy
The same automatic stay provisions cited above apply to Chapter 11 bankruptcies, including enforcement of pre-bankruptcy claims, judgments, collection activities, foreclosures and levies or repossession of property. 11 U.S.C. § 362(a).
If a Plan or Reorganization is approved by the court, all parties, including the debtor and creditors are bound to its provisions. The terms of the Reorganization Plan supersede the original debt obligation with regard to required payments.. 11 U.S.C. §1141.
For non-individual debtors, a discharge is generally entered upon confirmation of the Plan of Reorganization. For individual Chapter 11 debtors, a discharge is not available until all payments have been made under the Plan (same as Chapter 13). 11 U.S.C. § 1141(d)(5).