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Chapter 11 Bankruptcy
A Chapter 11 bankruptcy allows businesses and individuals to create a new plan to settle and repay debt in a more manageable solution. Individual filing of Chapter 11 is uncommon because of the complications within procedure and the cost. Business filings of a Chapter 11 seek to revitalize and reorganize a business to function more viably financially.
Types of companies that can file for Chapter 11 bankruptcy include those with purchase contract problems, lease issues, or past debt mishandling. In a Chapter 11, these companies must continue to cover all normal operating costs while they operate, but past debt is momentarily put “on-hold”. The company must file to the local Federal court their monthly expense reports as well as their “disclosure statement” so that it can gauge the company’s financial standing. A disclosure statement includes the company’s history, where it stands now, and a future plan to reestablish itself. After the Court approves the company’s plan, the case is no longer under direct Court management and the business must complete the plan over its due time.
This plan must detail how much the company will pay back to its creditors, the percentage each creditor can claim, payment lengths, and any purchase contract cancellations. Factors that affect how much the company pays monthly include the company’s financial ability as well as liquidation value and whether the debt is secured. Creditors can decide whether to accept or reject the debtor’s proposed solution.
Coleman Legal Group, LLC handles cases in the following cities and communities: Atlanta, Alpharetta, Roswell, Johns Creek, Milton, Cumming, Marietta, Woodstock, Kennesaw, Gainseville, Midtown, Norcross, Lawrenceville, Kennesaw, Duluth, Buckhead, Dunwoody, Vinings, and Smyrna.
Our attorneys frequently handle cases for clients residing in the following counties: Fulton, Gwinnett, Forsyth, Cobb, DeKalb, Henry, Cherokee, Douglas, Carroll, Coweta, Paulding, Bartow, Hall, Barrow, Walton, Newton, Rockdale, Henry, Spalding, Fayette and Clayton.
Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Divorce, Family Law, Bankruptcy, Immigration and Business Law. We have two convenient offices located at: 5755 North Point Parkway, Suite 52, Alpharetta, GA 30022 and 659 Auburn Avenue Northeast, Atlanta, GA 30312. We serve clients in Alpharetta, Roswell, Johns Creek, Milton, Cumming, Atlanta, Buckhead, Inman Park and the surrounding Metro Atlanta area.
Copyright © 2013 | Coleman Legal Group, LLC | All Rights Reserved. Coleman Legal Group, LLC • 5755 North Point Parkway, Suite 52 • Alpharetta, GA 30022 • 770-609-1247 DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.