Nashville and Middle Tennessee Chapter 11 Bankruptcy Attorneys
For smaller businesses that need to restructure, you may be able to file a different type of Chapter 11. This type of Chapter 11, known as a "small business bankruptcy" was approved by Congress in October 2005. The Nashville law firm of David F. Cannon offers skilled counsel to small businesses in Chapter 11 proceedings. In order to qualify for what is known as a "small business case" a business must meet the following criteria:
- The business must engage in commercial or business activities and have total debts less than $2,343,300.00. This dollar amount is adjusted every three years on April 1st and will be adjusted again on April 1, 2013.
- The U.S. Trustee has not appointed an unsecured creditors' committee.
- The purpose of the business cannot be owning or managing real estate
If you qualify as a small business debtor, your petition must include certain information, including a balance sheet, statement of operations, and a copy of your company's most recent tax return. A small business has the exclusive right to file a plan for the first 180 days after the Chapter 11 petition is filed.
In a small business Chapter 11, there is not an unsecured creditor's committee. Therefore, a small business debtor has greater interaction with the U.S. Trustee's office. The small business debtor is required to discuss its finances, business plan and other issues in an initial interview with the U.S. Trustee usually within the first 15 days after filing a petition. The U.S. Trustee will also oversee certain activities of the small business debtor. Generally speaking, small business bankruptcies move faster than other types of Chapter 11 filings. Depending on your situation, this could be advantageous. Our lawyers will work with you closely throughout the proceedings.
Contact a Nashville Small Business Bankruptcy Attorney at the Law Firm of David F. Cannon
To learn more about whether your small business qualifies for Chapter 11 bankruptcy, get in touch with our law firm. Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm to schedule a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
