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Can I file chapter 11 and continue doing business Under what…

Can I file chapter 11...
Can I file chapter 11 and continue doing business
Under what conditions?
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Answered in 1 hour by:
3/23/2018
Attorney Wendy
Category: Legal
Satisfied Customers: 523
Experience: Member at Keefer & Keefer LLC
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Hello. My name is ***** ***** I am an attorney. I am working on a response to your question and should have that to you shortly.

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A Chapter 11 bankruptcy filing is a means for a business that will attempt to get back on financial footing by reorganizing. The filing is started with the petition and specific information must be provided by the debtor/filer related to assets, liabilities, income and expenses, contracts (e.g., for sales, for purchases, leases, etc.), and other financial information. Not only can you continue to do business, it is expected that you will continue to conduct business and to reorganize your business through the bankruptcy process to better pay your creditors and improve the financial condition of the business. A trustee will be appointed by the bankruptcy court to oversee operations until the bankruptcy process is completed and credit counseling will be required to assist in developing a plan for reorganization.

I hope this helps. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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Customer reply replied 1 month ago
Reorganization of the business is ok , but is posible if I don’t have money to operate the business? Or can the dreditors can make loans for you be able to function?

That is the difficulty of the situation. Part of the hope of the reorganization process is to allow you to continue or to start operating again. Part of that is the credit counseling and part is that during reorganization your creditors are given notice and the chance to have input on the plan, which often requires creditors to delay or take reduced payments.

Attorney Wendy
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Satisfied Customers: 523
Experience: Member at Keefer & Keefer LLC
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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