Flagstaff Chapter 11 Bankruptcy Lawyers
A large percentage of businesses do not immediately succeed. Many cease operations, while others reorganize under Chapter 11 of the Bankruptcy Code. Business reorganization is similar to personal bankruptcy under Chapter 13 in that a payment plan is instituted, and continued income is used to make payments under a court-approved payment plan. You will continue operations during the period of the plan.
Chapter 11 bankruptcy is similar to personal bankruptcy under Chapter 7 in that many debts are discharged. You as the business will propose a plan. Creditors approve or oppose the plan, and the court has discretion to force it on all parties, regardless of opposition.
Businesses large and small get into trouble when, for example:
- Recessions occur
- Technology changes
- Competitors gain advantage
- Accidents or lawsuits arise
- Receivables cannot be collected
The Bankruptcy Code requires that, in order for a judge to approve the Chapter 11 plan, it must find, among other things, that the plan is feasible, is proposed in good faith, and that the plan and the proponent of the plan are in compliance with the Bankruptcy Code.
If a Chapter 11 plan cannot be arranged in your case, there may be other options that will address your needs.
Sedona AZ, Arizona, Bankruptcy Reorganization Attorneys
Aspey, Watkins & Diesel was founded in 1975 by a group of young attorneys. We are now widely seen as the premier law firm of Northern Arizona. Through hard work, fair fees and easy accessibility, we have become a highly -respected firm serving people from all walks of life.
To contact the Flagstaff Chapter 11 bankruptcy attorneys at our Flagstaff office, call 800-535-0910. To reach our Sedona office, call 928-282-5955. You may also contact us by e-mail.
