QUESTION
What happens when you file for chapter 11 bankruptcy?
Asked on May 15th, 2011 on Bankruptcy - California
More details to this question:
What happens when we file for bankruptcy for our business? Will they take anything away from us? What happens if there is still loan to be paid off for the bank will they take money from else where and how?
3 ANSWERS
Your question requires a long, detailed answer, customized to your facts. Please call me for a free consultation. I am currently counsel for the debtor in more than 30 active Chapter 11 cases.
Answered on May 18th, 2011 at 10:22 AM
I cannot stress strongly enough going to talk to a qualified bankruptcy attorney. Many attorneys don't even handle Chapter 11 cases due to their complexity, and getting answers off an internet forum will not prepare you for what must be done.
Answered on May 18th, 2011 at 10:11 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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There are many things that happen when you file for chapter 11 bankruptcy. You are the trustee of your own business in chapter 11, so you maintain your possessions. All of your debts must be provided for in your chapter 11 plan. Your plan states from where payment is made and how. Chapter 11 is the most complicated type of bankruptcy. You should see the advice of an attorney who is a certified specialist in bankruptcy law. Consult the State Bar for a listing of those attorneys in your area.
Answered on May 17th, 2011 at 11:07 AM