If your business is having trouble and you need to file for bankruptcy your lawyer will most likely suggest a chapter 11. A chapter 11 begins with you filing a petition with the court. You will also have to state a reorganization plan for the business in order to settle your affairs.
A chapter 11 is used to reorganize a business whether it is a corporation, partnership or other business entity. You will also have to hire a lawyer if you do not already have one to help you file the appropriate paperwork. The U.S. trustee will be overseeing your case. They will monitor your business to see if you are implementing the plan you filed and may even conduct a meeting with your creditors to come to an agreeable solution.
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With a chapter 11 it is appropriate for the company to look at the value of their assets as a total business against the value of the individual parts. It may be that the total value of the business is more than the individual value, which is when a chapter 11 can be filed. A larger company may offer to buy out your business to save you from a chapter 11 bankruptcy or you may end up reorganizing it yourself and speaking with the creditors.
Depending upon the complexity of your case you could be out from under the bankruptcy in as little as three months or it may take years of the courts and your time to reach an agreement. During a chapter 11 bankruptcy any assets will be counted as value and may end up being sold if your creditors cannot find an agreement.
If you have any stock on the market it may be unlisted once you file for a bankruptcy to protect the stockholders and anyone else who may wish to invest in your stock. You have other alternatives if you believe a chapter 11 bankruptcy will not work for you.
You can file either a chapter 7 or chapter 13 bankruptcy, but again you will need to speak with a lawyer about, which bankruptcy will be the best option for you and your business. Most individuals are not subject to bankruptcy when their company is a corporation or partnership. There are businesses where the owner is also liable for the debts owed and in this case they may also be filing bankruptcy as part of the business. Chapter 11 is a very difficult bankruptcy to understand because of the intricacies of reorganizing the business.
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