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Chapter 11 Bankruptcy

Business Bankruptcy | Company Bankruptcy | Corporate Bankruptcy | Family Owned Business Bankruptcy

Chapter 11 bankruptcy is a reorganization procedure used by businesses, including sole proprietors, partnerships, and corporations. The debtor in chapter 11 files a petition which includes a list of assets and liabilities, and a detailed statement of financial affairs. The debtor will typically act as his own trustee, called a “debtor in possession”, and will remain in possession of all estate property. The court can appoint a trustee for cause shown, including mismanagement.

Our Chapter 11 bankruptcy attorneys have significant experience working with businesses and companies of all sizes in filing for bankruptcy in Massachusetts.

About one month after the filing, the debtor and his attorney attend a meeting of creditors. The debtor files monthly operating reports, showing income and disbursements, profit and loss, and a balance sheet, and pays quarterly fees to the U.S. Trustee based on the amount of money disbursed.

Chapter 11 Bankruptcy – Filing a plan:

The debtor has the exclusive right to file a plan during the first 4 months. Thereafter, creditors are permitted to file plans. The Chapter 11 plan is accompanied by a disclosure statement, which describes the debtor’s financial circumstances, including:

  • Prior History and cause of the Filing
  • Assets and liabilities
  • Income and expenses
  • Treatment of creditors
  • Liquidation analysis
  • Projections of earnings
  • Tax consequences
  • Discussion of options

Contact the Chapter 11 bankruptcy attorneys at Esher Rossi to schedule a consultation at any of our convenient locations including downtown Boston, the Boston Metrowest town of Framingham, and our Provincetown, Cape Cod office.

Bostonian Legal Group