Capter 11 Bankruptcy Attorney

Chapter 11 bankruptcy

This chapter is commonly associated with restructuring with larger corporation but it is also available for qualified small businesses. A small business is that comprising of less than 500 employees. In most cases, small business administration in this chapter 11 of bankruptcy the court might decide that the business has little chance of becoming profitable and thus risks dismissal.

According to the U.S Bankruptcy code small business are individuals engaged in business activities with a total debt of $2.19 million or less at the petition depicts. Most importantly, this chapter involves debtors with non- residential property having less than four residential units that generates almost the debtor’s income.

The four entities are copy of the business, statement of operation, cash flow statement and the copy of the most recent federal income tax return. The court in this chapter emphasize on the requirement for easy processes in disbursement by appointing the U.S trustee to the case.

 

Learn the Essentials of Bankruptcy

Learn the differences between chapter 7 and chapter 13 bankruptcy from a lawyer, and find out if an attorney would recommend chapter 11 bankruptcy for your business.

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