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Maverick
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3431
Experience:  Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
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We have a small family business and just found out that our

Resolved Question:

We have a small family business and just found out that our sister for years has stolen 100,000's of thousands of dollars under our noses due to gambling in the past three to five years. Now the company is in serious IRS trouble and checks being returned everyday. Although we may have stop the bleeding for a week or two.   But thats as far as it goes, One main question for you is there any help from anywhere to keep this 30+++ year family business going????We know chapter 11 is an option but how long will it take???
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 5 years ago.

Chapter 11 is a way to reorganize the debts of the company and put it on a payment plan to pay back creditors based on the priority of their claims. Some of the creditors are paid back pennies on the dollar - usually the unsecured ones.

 

The moment you file a chapter 11 BK, it invokes an automatic stay and keeps your creditors at bay. This time is to be used by the BK court, the debtor, and the creditors to figure out a re-payment plan that is acceptable to all based on the current financial postion of the company.

 

A chapter 11 bankruptcy case may continue for many years unless the court, the U.S. trustee, the creditors committee (if one is appointed), or another party in interest acts to ensure the case's timely resolution.

 

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Customer: replied 5 years ago.

Let me clarify my question just a little How long would it take from the time we say okay to chapter 11 to take effect?For the protection that is????

 

Expert:  Maverick replied 5 years ago.
The protection under the automatic stay happens the moment you file the chapter 11 with the court. Once you file, if a creditor contacts you just send them the a copy of the filemarked first page of the Chapter 11 document.
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3431
Experience: Bankruptcy Law With An Accounting Degree - 13 + years as civil lawyer
Maverick and other Bankruptcy Law Specialists are ready to help you

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