What happens when I file for a chapter 11 bankruptcy? 9 Answers as of June 01, 2011

What happens when I file for a chapter 11 bankruptcy?

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Dearbonn Law Offices
Dearbonn Law Offices | Ajibola Oluyemisi Oladapo
Chapter 11, is basically like a company re-organization, it is most suitable for big companies and individuals with large businesses seeking a re-organization of their business. If you own several companies, or several real estate properties with massive debt liabilities, then a chapter 11 will be the best option for you. I strongly suggest you retain an attorney to file a chapter 11 if you so desire, its quite complex. It is also a bk and will remain on your record for 10 years. You also have a right to appoint your own trustee unlike in a 7 or 13.
Answer Applies to: Washington
Replied: 6/1/2011
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: 6/1/2011
Saedi Law Group
Saedi Law Group | Lorena Saedi
Chapter 11 bankruptcy is a reorganization for companies and high net worth individuals. Chapter 11's are very expensive to start and require many hours preparing paperwork. These are much more time intensive than Chapter 7 or Chapter 13 cases.
Answer Applies to: Georgia
Replied: 5/31/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
LOL.... do not file Chapter 11 on your own. Maybe you were thinking about a regular Chapter 7? Please send a more specific question as that one could days to answer and I have no facts to work with.
Answer Applies to: California
Replied: 5/31/2011
Ashman Law Office
Ashman Law Office | Glen Edward Ashman
Without a great deal more detail it is impossible to respond. Note that individuals almost never should file Chapter 11 (with rare exceptions).
Answer Applies to: Georgia
Replied: 5/31/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    Chapter 11 is a reorganization for business. Consumers file Chapter 7 or chapter 13.
    Answer Applies to: Oregon
    Replied: 5/31/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    Chapter 11 bankruptcies can be very complex. A lot can happen if you file chapter 11. You should speak to a Chapter 11 attorney. Kelly Black in my firm would be a good resource to consult.
    Answer Applies to: Arizona
    Replied: 5/31/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Chapter 11 is the most complicated bankruptcy to file. You almost certainly will need to hire an attorney who specializes in chapter 11 bankruptcy. The average or typical fee for a small individual or business bankruptcy is $25,000 in advance. Before filing a bankruptcy goals and reasons should be discussed, as well as other choices . For instance, chapter 13 may be a good alternative for an individual or a sole proprietorship business case.
    Answer Applies to: California
    Replied: 5/31/2011
    Daniel Hoarfrost, Attorney at Law
    Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
    A Ch 11 is a business reorganization and it is a big deal, typically requiring a retainer between $25,000 - $50,000.I doubt that you really want to know about Ch 11. If you have general questions about Ch 7 or 13, you can call me at the office or visit my website.
    Answer Applies to: Oregon
    Replied: 5/31/2011
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