Chapter 11 Bankruptcy Lawyer Helping Tennessee Residents
If your business can no longer pay its creditors, the business or creditors may file for a Chapter 11 bankruptcy petition with a Tennessee Court. Under Chapter 11 of the U.S. Bankruptcy Code, a corporation or partnership can seek debt relief during reorganization. Companies often choose to file for Chapter 11 because its long-term revenues will be higher than the liquidation value of the assets. This way, creditors can receive more money if they allow the debtor business to reorganize and work out a repayment plan. A reorganization plan is usually proposed by the Chapter 11 debtor to the court and allows the business to stay afloat while creditors are payed over time.
The Cost of Chapter 11 Bankruptcy
The cost of Chapter 11 bankruptcy varies based on the circumstances. For a thorough evaluation of your unique situation, call (865) 450-5455 or fill out our contact form to speak with an experienced business bankruptcy attorney and schedule your free initial consultation.
Operating Your Business and Keeping Your Assets
Under Chapter 11, you may continue to run business while under the supervision of a court-appointed bankruptcy trustee. You keep all your assets and receive protection against potential lawsuits. It is your responsibility to propose a repayment plan that restructures your financial situation.
The Process
The length of time for a Chapter 11 bankruptcy depends upon the terms of the repayment plan. To learn more, call (865) 450-5455 to learn more about how this applies to your situation.
Chapter 11 Bankruptcy Trustee
Under Chapter 11, the trustee who is generally the debtor-in-possession operates the business throughout the restructuring process.
If you are considering filing for Chapter 11 bankruptcy, contact the skilled lawyers at Moore & Brooks Attorneys at Law today at (865) 450-5455.