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A.J.
A.J., Attorney
Category: Bankruptcy Law
Satisfied Customers: 4282
Experience:  Experienced consumer bankruptcy attorney.
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California Corporation $20MM+ Sales. Problems include founder

Resolved Question:

California Corporation $20MM+ Sales. Problems include founder divorce, supplier issues...
1) how long does it take for an attorney to file chapter 11 and how quickly will we gain protection from creditors?
2) all the professionals are asking for a 13 week cash flow. Is there a template? Hoping to talk with the bank before we file
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  A.J. replied 1 year ago.

SavyLawyer :

Hello, and thank you for contacting Just Answer. My name isXXXXX am a bankruptcy law professional and I look forward to answering your question this afternoon.

Customer:

thank you, XXXXX XXXXX your expertise.

SavyLawyer :

It is my pleasure, and hopefully I can provide you with helpful information. There is no set amount of time that it takes an attorney to get a chapter 11 petition filed, but if the company has accurate and complete records, filing with an attorney could happen as quickly as a few weeks. A lot of the time that it takes to prepare the chapter 11 petition (just like in every other chapter of the bankruptcy code) is how long it takes to prepare all of the necessary documentation, including an inventory of assets, cash flow, past income records, records of debts, things of that nature. In any type of bankruptcy filing, the more complete and clear the debtor's records, the easier it is for the attorney to piece through everything and get the bankruptcy petition and attached schedules properly prepared.

SavyLawyer :

As for when the protection of the court is activated, the automatic bankruptcy stay from collection activities by creditors goes in to effect immediately upon the filing of a bankruptcy petition. There are ways in which creditors can seek a waiver of the automatic stay, but generally the protection is a blanket protection against collection activities, is automatic, and is triggered by the filing of the petition.

Customer:

Are you familiar with DIP loans that prime the bank in the Northern District of California?

SavyLawyer :

I am familiar with DIP loans, although not specifically in terms of a bankruptcy in the Northern District of California. Was there specific information about a DIP loan that you needed? Bankruptcy law is generally governed by federal law, although there are certain specific facets that are state specific, and certain district courts do have unique local rules, but generally the rules are governed by federal law.

Customer:

apparently this District is cranky about priming the bank.

Customer:

How about a cash flow template that is in a form acceptable to the court?

SavyLawyer :

I am seeing that just on a cursory search of attorneys blogs/profiles in the Northern District. This does not necessarily mean, however, that it is not possible, and it appears that there are attorneys who report success with priming loans in the Norther District. Often, when a court frowns upon a certain practice, it does not necessarily mean that it is not possible, but that the court will be strict in what is allowed.

Customer:

thank you. Template? That was question #2 when you accepted the assignment.

SavyLawyer :

My pleasure. It does not look like the Northern District has a specific form that is used for the cash flow and risk analysis, which means a unique document is acceptable. I do not have a template to give you, for that you would have to retain an attorney in the Northern District to draft a statement for you. If it is the attorney asking for a statement, anything that shows what the previous, current and projected cash flow is should suffice.

Customer:

thank you for answering the question in part

A.J., Attorney
Category: Bankruptcy Law
Satisfied Customers: 4282
Experience: Experienced consumer bankruptcy attorney.
A.J. and 3 other Bankruptcy Law Specialists are ready to help you

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