Chapter 11 Bankruptcy Attorney in Alpharetta
Providing Debt Relief for Businesses
Chapter 11 is a specific category of bankruptcy, frequently used by businesses. It is similar to Chapter 13 for individuals in that it is not a total liquidation, and it allows the opportunity to work out a payment plan and stay in business, under supervision of the bankruptcy court. If you are considering filing Chapter 11 for your business, get help from an experienced Alpharetta lawyer who understands the different aspects of your case.
At The Law Offices of Daniel W. Mitnick & Associates, P.C., our legal team has been assisting businesses with bankruptcy for more than 2 decades. Our lawyers have earned the respect of our clients and peers and a reputation for success. We are 100% focused on the best possible outcome for your business.
How to File Bankruptcy for Your Business
When Chapter 11 is filed, an automatic stays goes into effect, which gives you time to resolve your financial difficulties and create a plan of action. The following is an overview of the steps you will need to take:
- Take a credit counseling course. This is required by the court. During the counseling you will develop a debt repayment plan, which will streamline the process later on.
- File a petition with the bankruptcy court. You will need to include schedules of assets and liabilities, income and expenditures, executor contracts and unexpired leases, and a financial statement of affairs. Also include your certificate of credit counseling completion, your debt repayment plan, and a statement of your monthly net income.
- Attend a Meeting of the Creditors (341 Meeting). This meeting allows the creditors to question the debtor about property, income, and outstanding debt. Creditors will have an opportunity at this point to vote on your plan. A committee of the unsecured creditors with the largest claims against you will give their input.
- Wait for the court’s confirmation of your proposed plan. The court will decide if your plan is feasible, fair, equitable, in good faith, and in the best interests of the creditors.
- Follow the debt repayment plan. If you abide by the terms of the plan, your debt will be discharged after the agreed upon date.
Contact The Law Offices of Daniel W. Mitnick & Associates, P.C.
Chapter 11 can be complicated, because of the extensive documentation required, and professional assistance is vital to achieving successful debt resolution. Contact the firm for a seasoned Alpharetta attorney to guide you through the process.