Chapter 11 Bankruptcy

Raleigh business reorganization law firm

A business can use Chapter 11 to reorganize in an effort to become profitable.  This is available to every business, whether organized as a corporation or sole proprietorship, or partnership but is most prominently used by corporate entities. 

Chapter 11 lets companies function while executing a debt repayment plan.  This means that one can own the business and simultaneously get rid of debt. The theory behind a Chapter 11 bankruptcy is that profitable parts of a business should continue to operate, thereby protecting jobs and revenue, allowing the business to pay off creditors over time.  In many cases, a Chapter 11 bankruptcy may make more sense than selling off a business piecemeal. 

Eligibility for a Chapter 11 bankruptcy

The attorneys at The Brewer Law Firm can help to determine if you are eligible for a Chapter 11 bankruptcy if the following qualifications are met:

• The business entity should be corporation, partnership, or a limited company
• The entity should not be a government unit
• You have to file a schedule of assets and liabilities
• You need to file a financial statement
• The debtor can sell the assets prior to filing Chapter 11 bankruptcy but not after
• The cash collateral can be used only if all the creditors agree and with the permission of the court

We can also help you to —

• Submit the plan of reorganization within 120 days
• To obtain the confirmation of the reorganization plan that depends on:
  • Developing the reorganization plan
  • Seeking the creditor's acceptance of the plan
  • Filing to get the confirmation hearing

Our skilled attorneys safeguard you through the Chapter 11 bankruptcy filing process from start to finish.

Filing Chapter 11 bankruptcy in Raleigh, NC

If you need help with bankruptcy, contact The Brewer Law Firm today.  We offer you the highest quality legal services in a compassionate, confidential, and cost-efficient manner.