Orlando Bankruptcy Attorney | Orlando Bankruptcy Law Firm | Chapter 11 Bankruptcy: Financial Reorganization
Orlando Chapter 11 Bankruptcy Overview:
Orlando Chapter 11 Bankruptcy Details:
What is Chapter 11 Bankruptcy:
Chapter 11 Bankruptcy provides protection to debtors. Chapter 11 bankruptcy is almost always used by businesses due to the expense and complexity of the process. It is appropriate when a business needs to restructure the debts it has and reorganize its finances so it can stay open. Chapter 11 Bankruptcy allows a business to keep many of its assets.
Making the decision to file Chapter 11 Bankruptcy
When an Orlando business is incapable to repair its debt or compensate its creditors, the business or its debt collectors can file with a federal bankruptcy court for protection under Chapter 11. In the majority of Orlando Chapter 11 bankruptcies, the debtor remains in power of its business as a debtor in possession, the business is then subject to the courts oversight and jurisdiction. It is a good idea to talk with an experienced bankruptcy lawyer in Orlando, Florida. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for you. Because this determination depends heavily on the facts of each individual case, you should use an Orlando bankruptcy attorney.
Orlando Chapter 11 Pre-filing Requirements
The main requirement to prepare for a Chapter 11 Bankruptcy is that the credit counseling class must be completed within 180 days of filing the bankruptcy petition. The class will issue a certificate of completion. If the certificate given is over 180 days old then the Debtor must take the class again. If the bankruptcy is filed with the certificate, it could be dismissed. It is best to consult with an attorney to see if your situation requires further action regarding the certificate. Your Chapter 11 bankruptcy lawyer can help you with this.
Repayment plan in a Chapter 11 Bankruptcy
The repayment plan in a Chapter 11 Bankruptcy is the summary of the reorganization that the Debtor and Creditor's have agreed upon. The plan will have a set amount with defined duration and due dates. If the plan is not followed then there may be predefined penalties. It is best to consult with a Chapter 11 bankruptcy lawyer to discuss your plan.
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