Chapter 11 filings

Here’s what you need to know about Chapter 11 bankruptcy

Chapter 11 bankruptcy is for businesses to get their debts reorganized and also gain enough financial stability so as to avoid any liquidation of their business assets. Though there could be scenarios in which we encounter individuals who qualify for Chapter 11 bankruptcy, this filing mostly involves the businesses. The features of Chapter 11 bankruptcy are as below: Chapter 11 bankruptcy allows the regular operation of the business that is undergoing the crisis and still works on ways towards repaying the creditors in the business This type of filing can be voluntarily initiated by the debtor. In a [...]

2019-06-20T11:19:34+00:00

Bankruptcy Trustee’s Role in Chapter 11 Filing

Almost all bankruptcy filings get a trustee assigned to their case by the court. Chapter 11 is no different in this regard and the role of the bankruptcy trustee in the Chapter 11 scenario is as follows: The U.S Trustee assigned by the court for Chapter 11 bankruptcy will oversee the entire case as it progresses and also review how the case is being administered The Trustee will also be responsible for monitoring the debtor under purview, while his business continues to operate normally The Trustee will be responsible for collecting the fee from the debtor. This is [...]

2019-06-14T08:29:42+00:00