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 a Chapter 11 case 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.
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.
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:
You circumstances are unique and Bostonian Legal Group’s attorneys will help you determine whether Chapter 11, or some other form of bankruptcy or non-bankruptcy option is best for you. We look forward to making your case our priority.
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