Law Office of Paul Petrillo
Contact Us Today 603-635-4149
Menu Contact

Guide to Chapter 11 bankruptcy for New Hampshire residents

Chapter 11 bankruptcy is a federal bankruptcy plan designed generally for assisting businesses with reorganizing their corporate or partnership structure in order to pay creditors back over time. It is seen as a temporary measure to help the business stay in operation. These are generally called "reorganization" bankruptcies rather than "liquidation" bankruptcies.

As with most bankruptcies, Chapter 11 bankruptcy begins by filing with a bankruptcy court. The company itself may file this petition, or certain creditors may file it if the company's finances meet certain criteria. Documents that need to accompany the petition include the company's accounting statements of assets, liabilities, income and expenditures, schedules of executory contracts and leases, and a general statement of financial affairs. Additionally, Chapter 11 bankruptcy generally requires a written disclosure statement as well as a plan of reorganization.

The proceedings are usually overseen by a trustee who serves as the mediator between the debtor and creditors. Chapter 11 may be complicated in cases involving corporate ownership rather than a sole proprietorship. In addition to his or her business assets, a sole proprietor will have his or her personal assets at risk for reorganization during this process. However, a corporation that is owned by its shareholders will only have its business assets at risk during Chapter 11 bankruptcy.

Those interested in attempting to reorganize their debt while under federal protections may benefit from consulting with a lawyer. A bankruptcy lawyer may be able to help with filing all the necessary paperwork. In addition, a lawyer may be able to provide representation in meetings with the trustee and creditors.

Source: United States Courts, "Reorganization Under the Bankruptcy Code", September 08, 2014

No Comments

Leave a comment
Comment Information

Start Your Case Today

Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response
Law Office of Paul Petrillo