Chapter 11 Bankruptcy Attorneys
Our bankruptcy attorneys know bankruptcy law like the back of our hands. We are fully capable of walking you through every step of bankruptcy proceedings and helping you uncover options to give you the relief you need. With decades of bankruptcy cases and a keen understanding of common issues for debtors under our belts, we are well equipped to help you handle everything when you’re considering filing for bankruptcy. If your company is considering filing for Chapter 11 bankruptcy, it pays to have a qualified, experienced Chapter 11 bankruptcy attorney on your side to help your business navigate what can often be a complex bankruptcy process. Ivey McClellan is prepared to handle the most complex insolvencies and represent clients in the bankruptcy courts.
Contact an Experienced Chapter 11 Bankruptcy Attorney
Assist Businesses in Financial Distress
While there are many different types of bankruptcy, Chapter 11 bankruptcy is specifically associated with businesses and reorganization of debt and assets in order to facilitate debt repayment. Ideal for large companies and corporations with significant amounts of debt owed to creditors, Chapter 11 bankruptcy allows these entities to enjoy a measure of debt relief by restructuring their finances in order to repay creditors according to the original payment terms and agreement.
How Chapter 11 Bankruptcy Attorneys Help You
One of the benefits of having an experienced and knowledgeable attorney on your side helping you navigate the Chapter 11 bankruptcy process is never worrying about missing an important step. Unlike filing for personal bankruptcy under another bankruptcy chapter, the Chapter 11 bankruptcy filing process is incredibly detailed and requires an experienced professional to ensure no mistakes are made. It is no easy feat restructuring funds and debts, especially for corporations. Even the simplest debt management plans require quite a fair bit of work on behalf of both the petitioner and the bankruptcy court itself. A bankruptcy attorney can help you restructure under federal bankruptcy proceedings, including petition and repayment plan guidance.
A number of bankruptcy forms and documents are typically required to file for bankruptcy. The Chapter 11 bankruptcy process begins by filing a bankruptcy petition with the U.S. Bankruptcy Court Serving Greensboro, or the area where the debtor has a residence or legal address. A petition may be a voluntary petition filed by the debtor, or it may be an involuntary petition, filed by creditors, meeting certain requirements. A voluntary petition must adhere to the Official Forms format prescribed by the Judicial Conference of the United States. Unless the court orders otherwise, the debtor also must file the following during bankruptcy filings:
- Schedules of assets and liabilities
- Schedule of current income and expenditures
- Schedule of executory contracts and unexpired leases
- Statement of financial affairs
If the debtor is an individual, or a married couple, there are additional document filing requirements. These debtors must file the following:
- Certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling
- Evidence of payment from employers received 60 days before filing if it exists
- Statement of monthly net income and any anticipated increase in income or expenses after filing
- Record of any interest the debtor has in federal or state qualified education or tuition accounts (student loan interest payments)
Chapter 11 bankruptcy filings are complex and require a variety of forms. We work with you to help prepare paperwork necessary for the process and ensure all submissions are up to par. Our team of attorneys is ready to represent you in a bankruptcy filing.
We Stay With You Every Step Of The Way
After filing for Chapter 11 reorganization in Greensboro, NC, debtors have up to 4 months, or, with an extension, up to 18 months, to file a reorganization plan. Once this period expires, creditors may file competing repayment plans, though this rarely occurs. In some cases, the debtor’s operations may be downsized to reduce expenses and free up assets. Other cases may result in liquidation, or a total shutdown of the debtor’s operations and sale of its remaining property.
Your knowledgeable bankruptcy attorney with Ivey McClellan will assist with a payment plan satisfying the court’s needs and allowing you to pay back debts with ease. After your plan is filed, the court will then review it for:
- Feasibility: The likelihood of success that your reorganization plan will fulfill its payments to creditors and that you will have funds to complete the plan
- Good faith: The plan must be submitted in good faith and exclude means forbidden by the law
- In the best interests of creditors: A “best interests” test is administered to ensure creditors receive at least as much under this Chapter 11 repayment plan as they would under a Chapter 7 filing. In some cases, this means paying creditors in full, though in most cases it refers to a fraction of the original debt
- Fair and equitable: The repayment plan must also pass a “fair and equitable” test for the creditors. This is only required if creditors vote against the originally proposed plan
Once your repayment plan is approved by the bankruptcy judge, your company will be well on its way to financial freedom. Creating a repayment plan requires time, resources, and a deep understanding of the bankruptcy process. Our team of experienced Chapter 11 bankruptcy attorneys are always here and ready to help you each step of the way.
Choose Ivey McClellan As Your Chapter 11 Bankruptcy Attorney
Aside from years of experience across all areas of bankruptcy law, our bankruptcy attorneys here at Ivey McClellan fully represent insolvent individuals and businesses interested in Chapter 11 bankruptcy to an extent they would not be able to do themselves. Without proper legal representation via experienced bankruptcy lawyers, the chances of an individual receiving a good ruling on their petition are very low. Anyone seeking to file for Chapter 11 bankruptcy in Greensboro not only needs an attorney, they also need a highly experienced attorney who specializes in bankruptcy law.
Ivey McClellan devotes the time and resources our clients need to ensure they enjoy the very best outcomes on their bankruptcy cases. We strive to go above and beyond by providing real value to businesses and individuals who trust us to help them with declaring bankruptcy, avoiding bankruptcy, and navigating life after bankruptcy. Our Greensboro-based attorneys are not here to simply help you file some bankruptcy forms and collect a check. We are dedicated to helping you find the best solution for your debt and ensuring your business never needs to worry about its debts again.
Contact Your Team Of Trusted Chapter 11 Bankruptcy Attorneys
If your business is currently dealing with financial problems and looking for an experienced legal team to help with next steps, Ivey McClellan is here to guide you through each step. We have been a staple in the Greensboro, NC area for years, helped thousands of clients with bankruptcies, and have the skills and resources to make the process of filing bankruptcy simple and easy. Do not let a creditor ruin your business. Trust us with your Chapter 11 bankruptcy case and schedule an appointment below.