What happens when I file for a chapter 11 bankruptcy? 5 Answers as of July 12, 2013

What happens when I file for a chapter 11 bankruptcy?

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Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
Chapter 11 is the most complicated bankruptcy. Unless you owe millions of dollars or own that much property an individual would not be wise to file.
Answer Applies to: California
Replied: 4/15/2011
William C. Gosnell, Attorney at Law
William C. Gosnell, Attorney at Law | William C. Gosnell
There are books written on this topic.
Answer Applies to: Tennessee
Replied: 7/12/2013
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
When a bankruptcy is filed all bad things have to stop: lawsuits, garnishments, foreclosures, phone calls and things like that. After that it depends on your case. A chapter 11 is the most complex bankruptcy there is. Without more facts I can't give you anymore information. A complete interview for a Chapter 11 case would take at least a couple of hours to finish. Maybe you are thinking about a Chapter 7 case?
Answer Applies to: California
Replied: 4/14/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Ch 11 BK provides for rehabilitation of a business and generally requires the continued operation of the business. The Debtor will remain in control of the business, a plan of rehabilitation needs to be confirmed, and discharge is eligible.
Answer Applies to: Washington
Replied: 4/13/2011
Law Office of Harry L Styron
Law Office of Harry L Styron | Harry L Styron
This is very complex. You need to discuss your situation with an attorney. Among other things you will meet with the U.S. Trustee, meet with their examiner to have the monthly operating report procedure explained to you, beside preparing the usual schedules of assets and debts you will have to negotiate with your secured creditors what arrangements are acceptable to them, prepare a reorganization plan and a disclosure statement about the plan. There is much much more to it, and you should contact a lawyer who is experienced in handling Chapter 11. You should also be aware that the filing fee in Chapter 11 is about $1,000 and any attorney who knows what he or she is doing is going to ask you for a retainer between $20,000 - $50,000 or more, depending on the complexity of your situation.
Answer Applies to: California
Replied: 4/13/2011
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