Chapter 11

Chapter 11 Bankruptcy

Under Chapter 11 of the U.S. Bankruptcy Code, a corporation or partnership can seek debt relief while it reorganizes. A reorganization plan is usually proposed by the Chapter 11 debtor to the court which allows the business to stay afloat while creditors are paid over time. Business people and individuals can also seek bankruptcy protection under Chapter 11 though it is commonly used for corporate entities. If you or your business needs relief and protection under Chapter 11 in Massachusetts, we strongly urge you to contact Attorney David R. Chenelle for a free, initial consultation about your financial situation as soon as possible.

Attorney Chenelle has concentrated his practice on the area of bankruptcy for many years. Because of this, he has extensive knowledge and understanding of bankruptcy laws and procedure. If you or your business is in severe financial distress, it is in your best interests to consult with him about your legal rights and options.

Chapter 11 Bankruptcy Cases

If your business can no longer pay its debts or creditors, the business or the creditors can file a Chapter 11 bankruptcy petition with the court. Chapter 11 provides many of the same protections and relief as other types of bankruptcy including an automatic stay which prohibits creditors, collection agencies, and lawsuits seeking collection on debts owed by the business. Under Chapter 11, the trustee who is generally the debtor-in-possession operates the business while restructuring it. Generally, a reorganization plan is submitted by the Chapter 11 debtor for the reorganization of the business which must be approved by the court. The plan will delineate how debts will be repaid and how the business will operate during the duration of the plan.

Each business is different in its financial circumstances and business prospects. As a corporation or partnership, you should, therefore, speak with Attorney Chenelle about the specific facts of your case so that it can be evaluated as to the best way to proceed. Attorney Chenelle can ensure that you have the necessary understanding to make informed and intelligent decisions about your company’s financial future.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.