Chapter 11 Bankruptcy Attorneys in Springfield, MO

A Chapter 11 bankruptcy is a type of bankruptcy reorganization that is available to both individuals and business entities, such as corporations, limited liability companies, and partnerships. Chapter 11 is primarily used by businesses that want or need to keep operating during their reorganization. A  Chapter 11 debtor proposes a plan of reorganization to keep the business alive and pay creditors over time; the plan must be approved by the Court and cannot exceed five years. Chapter 11 is more expensive than Chapter 13, but has no debt limits.

Chapter 11 Bankruptcy Throughout Missouri

The goal of this type of bankruptcy is to file a confirmable Chapter 11 reorganization plan. Many rules govern the issue of what makes a plan confirmable. Creditors will get a chance to vote on whether or not the plan should be confirmed. Prior to plan confirmation, Chapter 11s are supervised by the Federal Bankruptcy Court and by the Office of the United States Trustee (UST). The Chapter 11 debtor will be required to pay quarterly trustee fees based on the debtor’s business money distributions during the quarter. Monthly status reports must be filed with the court and with the UST office.

If you are interested in exploring how a Chapter 11 can benefit you as an individual or a business entity, you can turn to Debt Doctors of Missouri. We have helped thousands of individuals and small business owners across Southwest Missouri in achieving debt relief. Backed by 25+ years of experience handling even the most complex cases, our bankruptcy team knows and understands the intricacies of the Chapter 11 Bankruptcy Code and how it can apply to your individual situation and needs. 


Arrange for a free, initial consultation with a Springfield Chapter 11 bankruptcy lawyer by contacting us online or at (417) 283-4002


 

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The Reorganization Plan

In a typical Chapter 11, the debts of the organization will be restructured to provide payments to the creditors under more favorable terms to the debtor. This allows the company to restructure their debt and still remain a viable business. The length of a loan as well as its interest rate are terms that are negotiable during the formulation of a Chapter 11 plan.

BENEFITS OF A CHAPTER 11 PLAN

Many benefits can be had with the filing of a Chapter 11 plan. One of the most important benefits is that, as a business, you can continue operating while you are going through the process of reorganization. This gives you the opportunity to generate a cash flow that can help you in the repayment obligation. 

Once you file your Chapter 11, the Court will issue an automatic stay that stops your creditors from pursuing collection. This benefit gives you collection relief while you work out your reorganization plan. Creditors are generally open to Chapter 11s because it commonly allows them to recover more of what they are owed over the length of the repayment plan. 

Other significant benefits may apply depending on your situation. Our skilled bankruptcy attorneys can discuss the benefits that may be available in your potential filing. 

Why You Need Debt Doctors of Missouri

Chapter 11 bankruptcy is extremely complicated and should not be attempted without the assistance of a highly-experienced bankruptcy attorney. Chapter 11s are very expensive, but the value you receive in return can be exceptional when you have our experience on your side. If you would like to explore your bankruptcy options as an individual or business entity, we strongly urge you to reach out to our capable bankruptcy team to arrange for a free, initial consultation. 


Contact us online or at (417) 283-4002 today. 


 

  • Extensive Knowledge of Bankruptcy Law
  • Free Initial Consultations with an Attorney
  • Proudly Serving Clients Throughout Southwest Missouri
  • Transparency & Open Communication

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