What Is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is a reorganization bankruptcy available to individuals, corporations and partnerships, though it is most prominently used by corporate entities. There are no debt limits, and the debtor remains in control of its business operations as a “debtor in possession”, but is subject to Court oversight.
In a Chapter 11, the debtor proposes its plan for reorganization, which may include acquiring new financing, cramming down balances on secured loans to the fair market value of the property, extending loan terms and payments, cancelling or rejecting contracts or leases, etc. Chapter 11 Plans may also be used as a mechanism for liquidation.
Chapter 11 bankruptcies can vary in complexity. If you or your company is facing economic challenges and require protection from the U.S. Bankruptcy Code, the bankruptcy lawyers at Neff & Boyer, P.C. will help you to understand the bankruptcy process and advise you on a legal strategy that best suits your needs.
Questions About Chapter 11? Contact Us.
Please contact us to schedule a meeting with our Chapter 11 bankruptcy attorneys. Call 520-722-8030 or complete a form online to book your first consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.