Tennessee Commercial Business Debt Lawyer
One of the main reasons any business would consider filing for Chapter 11 bankruptcy is to restructure business debts. Restructuring can give a business the opportunity to revise certain obligations and work towards a more profitable future. The law firm of David F. Cannon is based in Nashville and represents businesses in Chapter 11 bankruptcy.
Businesses in Chapter 11 are required to devise a repayment plan to restructure and reorganize business debts. For the first 120 days after a business files its petition, it usually has the exclusive right to develop and file a repayment plan with the court. After the plan is filed, no other plans can be filed with the court for another 60 days. This time allows the business to fully disclose its business operation and plans for the future. Upon creditor approval, the plan is usually confirmed by the court. It is not necessary for every creditor to approve the plan, but a certain number of creditors must approve the plan.
If the plan meets all the requirements and is approved, the Bankruptcy Court must then confirm the plan. The Court will look at a number of factors, including the feasibility of the plan and whether the plan is in the best interests of the creditors. Attorney David F. Cannon has served a number of businesses in Chapter 11 proceedings. He understands the issues involved in confirmation plans and will work to help you navigate your plan through the legal process.
Contact a Nashville Commercial Bankruptcy Restructuring Lawyer at the Law Firm of David F. Cannon
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.
