Acker Warren, P.C. represents individuals and businesses that need Chapter 11 Bankruptcy. This chapter is intended for high income/high debt individuals and businesses (LLCs, LLPs, Partnerships, Corporations, etc.) to reorganize their business affairs, debts, and assets. When individuals and businesses need more time to reorganize their debts, they may file for Chapter 11 bankruptcy.
For businesses, Chapter 7 means shutting down. In contrast, chapter 11 allows businesses to reorganize and continue operating. Debtors can propose a plan for profitability while keeping creditors at bay. With chapter 11, you have a better opportunity to plan and reorganize as a business.
During Chapter 11 Bankruptcy, businesses or individuals retain control and possession of their assets under bankruptcy court supervision.
Some immediate results you can expect after filing a Chapter 11 Bankruptcy:
To confirm a Chapter 11 reorganization plan, the bankruptcy court looks for certain requirements:
At Acker Warren, P.C., we’re committed to providing top-of-the-line legal services to Dallas Fort-Worth businesses and corporations. Call us today to learn more about Chapter 11 Bankruptcy or other options that may exist to handle your issue(s).