Get help finding the Right Chapter Eleven Bankruptcy Lawyer
Chapter Eleven bankruptcy is frequently referred to as a "reorganization bankruptcy." Chapter Eleven Bankruptcy is a legal option used to reorganize a business, such as a corporation, sole proprietorship, or partnership. In a Chapter Eleven bankruptcy case a corporation (debtor) does not expose the stockholders personal assets to risk beyond the value of their investment in the company. A Chapter Eleven bankruptcy case of a sole proprietorship (debtor), does not have an identity separate and distinct from its owner(s). Accordingly, a Chapter Eleven bankruptcy case involving a sole proprietorship includes both the business and personal assets of the owners-debtors. A Chapter Eleven bankruptcy case of a partnership bankruptcy (debtor), the partners' personal assets may be used to pay creditors in the bankruptcy case. Moreover, the partner(s), themselves, may be forced to file for personal bankruptcy protection.
Chapter Eleven bankruptcy cases are very a challenging in comparison to other types of bankruptcy cases the rate of successful Chapter Eleven reorganizations is low, estimated at a 10% rate or less. Chapter Eleven bankruptcies are confirmed only upon the affirmative votes of the creditors, whose votes are a function of the amount of their claim against the debtor. If the votes are not confirmed, the debtor can attempt to "cram down" a plan on creditors and get the plan confirmed despite creditor opposition.
Chapter Eleven bankruptcy is a very complex area of law and the guidance of an experienced lawyer is suggested. Not any lawyer can help you with a Chapter Eleven bankruptcy; you need to select an attorney with Chapter Eleven bankruptcy experience. Chapter Eleven bankruptcy lawyers can help you work through the issues, alternatives and implications of your choices.
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