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dkennedy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6009
Experience:  15+ years experience
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S corp. forced into chap.7, filed for chap.11, had exit plan

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S corp. forced into chap.7, filed for chap.11, had exit plan approved, but now can't comply with plan and will be forced back into 7. What is time frame for 7 and do they need a new attorney for the 7?


The corporation doesn't need a new attorney. And the time frame should be less than 60 days if all goes smoothly. If there are "snags" and motions and things like that, it could be longer, of course. It can be very quick and straighforward. Please ask any questions you have as a follow up.

Customer: replied 4 years ago.
From the start of the chapter 7 process is the s-corp shut down immediately or can it still do business until it is completed?
You can continue in business as long as any necessary transactions are reported. For instance if you listed certain business assets, you cannot be selling them and keeping the money. If you do, you would report that immediately to your attorney.
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