A Chapter 11 bankruptcy lawyer can help businesses and certain individuals reorganize debts while continuing operations or managing assets under court supervision. An attorney may assist with filing the case, negotiating with creditors, addressing contracts and leases, preparing a reorganization plan, and meeting reporting requirements. Because Chapter 11 cases can involve complex financial disclosures, creditor negotiations, and court approval, experienced legal guidance can help debtors understand their options and obligations.
Jeffrey R. Waxman is a Business Law attorney at Morris James LLP in Wilmington, Delaware.
How do I know if I need a Chapter 11 bankruptcy lawyer?
A Chapter 11 bankruptcy lawyer may help if your business is struggling with debt but you want to keep operating while you reorganize. Individuals with debts too large for Chapter 13 may also use Chapter 11.
What does a Chapter 11 bankruptcy lawyer do?
A Chapter 11 bankruptcy lawyer prepares and files the petition, advises on operating the business during the case, negotiates with creditors, drafts the reorganization plan, and represents the debtor in bankruptcy court.
How much does a Chapter 11 bankruptcy lawyer cost?
Fees vary by location, the size of the business, and case complexity. Chapter 11 lawyers typically charge hourly rates with an upfront retainer, and fees are generally subject to bankruptcy court approval.
Who can file for Chapter 11 bankruptcy?
Corporations, limited liability companies, partnerships, and individuals may file under Chapter 11. Qualifying small businesses may be able to use a simpler and faster process known as Subchapter V.
What should I bring to a Chapter 11 bankruptcy consultation?
Helpful documents may include financial statements, tax returns, a list of creditors and amounts owed, loan documents, leases and major contracts, and cash flow projections.
Is there a statute of limitations or deadline in Chapter 11 bankruptcy?
There is no deadline to file a Chapter 11 case, but strict deadlines apply once it begins. These include deadlines for proposing a reorganization plan and for creditors to file claims.
How can FindTheLawyers help me compare Chapter 11 bankruptcy lawyers?
FindTheLawyers helps you explore Chapter 11 bankruptcy lawyers by location and practice area, making it easier to compare attorneys who handle business reorganization.