Chapter 11 Attorney in New Hampshire
Chapter 11 bankruptcy is available to organizations, LLCs, and other entities whose debt exceeds the limits of Chapter 13 bankruptcy. In New Hampshire Chapter 11 bankruptcy can be a means of keeping a business or company operational during distressing economic times. If you feel Chapter 11 bankruptcy might be right for your entity, the Law Office of Joseph M. Annutto can help.
Chapter 11 bankruptcy is more complicated and costly compared to other forms of bankruptcy. However, for some it may be the best option. It is more of a plan to reorganize rather than liquidate a business or entity. The business remains in operation and you, the owner, can still be in charge of day to day decisions.
The Chapter 11 Process
The first step in the process is to file a Plan to Reorganize. This plan is put forth to the creditors and the courts. The creditor and debtor both vote on the plan before it is approved. A disclosure statement also needs to be filed. The debtor is declared “debtor in possession” and he or she still legally controls the operation. There is a specific set of rules drafted. These rules may call for an operations report and tax reporting. The debtor must abide by the rules in order to stay in control of the business or entity. New bank accounts are also opened.
Chapter 11 bankruptcy can benefit both the debtors and the creditors. The creditors often get repaid more after the reorganization than they would have if there was a liquidation of the business. Both parties agree to a fair settlement and the debtor gets to still maintain control of a company in general.
Experienced Chapter 11 Attorney
Any kind of bankruptcy can be disruptive and discouraging, especially for a business owner. Our firm understands the emotional toll and financial stress that can be generated when bankruptcy needs to be filed. With the help of Attorney Joseph M. Annutto, your Chapter 11 bankruptcy filing can be effective, efficient, and as smooth as possible. We will work with you to get the best results and protect you every step of the way. Let us evaluate where you stand and help you venture into the future towards financial stability.