chapter 11 bankruptcy

Chapter 11 Bankruptcy Process

A Chapter 11 Bankruptcy is a reorganization proceeding governed by the provisions of the United States Bankruptcy Code (11 U.S.C. §§ 101 – 1532). Chapter 11 is usually thought of as business reorganization, and is available to businesses of all sizes from large companies such as Winn Dixie and United Airlines, to small sole proprietorships. Chapter 11 is generally advisable where there is a viable business that is in financial trouble. Chapter 11 is also available to consumers, though it may only be appropriate for individuals in certain circumstances, such as individuals who have exceeded the debt limits of Chapter 13. A Chapter 11 case is usually more complex and expensive than a case under either Chapter 7 or Chapter 13 and is thus difficult to briefly summarize. The U.S. Courts website provides a thorough summary of the Chapter 11 process.

If you have a business that is in financial difficulty or if you are an individual with debt in excess of the Chapter 13 limits, please call our office at (225) 769-1414 to set up a free initial consultation to discuss the options available to you and/or your business. When you come in for your initial appointment, please bring the following information and documentation:
• Profit and loss statement for your business for the past year;
• Last two years of business tax returns;
• Last two years of personal tax returns;
• List of all business inventory, assets, and accounts receivable;
• List of all personal assets;
• Business bank account statements for the past year; and
• Personal bank account statements for the past year.