Tennessee Commercial Bankruptcy Attorney
Chapter 11 bankruptcy gives businesses in financial distress an opportunity to reorganize their debt in order to continue operations. In some limited circumstances, individuals with substantial amounts of debt are required to file under Chapter 11. The law firm of David F. Cannon is based in Nashville and represents businesses in Chapter 11 proceedings. Although our law firm is equipped to represent most businesses, we have significant experience representing small businesses in Chapter 11 proceedings.
In many ways, the Chapter 11 process is similar to that of the Chapter 13. When the Chapter 11 petition is filed, the bankruptcy court grants the debtor an automatic stay. The automatic stay will stop creditors from taking legal action to collect their debts. The automatic stay will end foreclosures, judgments, liens, or repossessions. In your Chapter 11 petition, your business will be obligated to disclose its income, expenditures, assets and liabilities, leases, other contracts, and any other aspect of its financial situation.
Your bankruptcy lawyer will eventually submit a plan to the bankruptcy court that outlines how your business plans to repay your creditors. Unlike a Chapter 13 plan, however, your creditors vote to approve a Chapter 11 Reorganization plan, and may also submit their own plan. After filing, the debtor must fulfill its 'fiduciary duty' towards its creditors, which includes filing monthly financial operating reports with the bankruptcy court. The U.S. Trustee program monitors your Chapter 11 and is paid a quarterly fee to oversee the bankruptcy.
Chapter 11 can give a business the chance to restructure and repay many obligations, including unpaid payroll taxes. Our law firm will provide prefiling strategies and candid counsel designed to help your company emerge from bankruptcy with a brighter future. Further, if there are alternatives to bankruptcy, such as modifying the terms of a bank loan prior to filing a bankruptcy petition, our law firm will find them.
Contact a Nashville Business Bankruptcy Chapter 11 Attorney at the Law Firm of David F. Cannon
Chapter 11 can give your business the opportunity to reorganize. Our law firm can aid you throughout the process. Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today to schedule a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
