Chapter 11 For Small Businesses And Individuals
Chapter 11 bankruptcy is most often utilized by businesses in need of debt relief, but Chapter 11 may also be a good option for certain individuals and married couples with significant assets and debts. I am attorney Roger Kraft, and I help small businesses, individuals and married couples in Utah get the Chapter 11 relief they need.
With Chapter 11, your goal is to file a reorganization plan that your creditors and the court will accept. I can review your financial situation and explain your full range of options, including whether Chapter 11 is right for you.
To schedule a free consultation, call me at 801-871-8353 or 800-640-3207, or complete my contact form. From my office in Midvale, Utah, I represent clients throughout Salt Lake County, Utah County, Tooele County, Summit County and the surrounding areas.
Chapter 11 Allows For Reorganization
Chapter 11 bankruptcy is known as “reorganization” bankruptcy. It is designed to rehabilitate distressed financial situations — primarily for businesses but also for individuals with significant assets. If you or your business has heavy debts, Chapter 11 may be the most responsible way of resolving those debts.
Chapter 11 is typically reserved for individuals and businesses that want to continue business operations and avoid liquidation of assets. If you do not qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy, then Chapter 11 may be your best option for debt relief.
How Does Chapter 11 Work?
When you — the “debtor” — file a Chapter 11 petition, you become a “debtor-in-possession.” That means you have the rights and duties of a bankruptcy trustee. This arrangement is different than Chapter 13 bankruptcy, wherein the court assigns a bankruptcy trustee to the case.
With Chapter 11, a trustee is not appointed to the case unless an interested party files a motion showing sufficient cause to appoint a trustee. Sufficient cause might be something like alleged mismanagement or fraud on the part of the debtor.
Usually, a committee of unsecured creditors is appointed to the case to ensure that the debtor’s reorganization plan is acceptable to the creditors.
A successful Chapter 11 filing can help in a number of ways, including:
- Reduce your debt
- Address cash flow issues
- Keep your business operating
- Address tax issues and eliminate levies
- Address pending judgments and legal claims
- Provide more flexibility with mortgage companies and landlords
- Address pending administrative actions
How I Can Help
If Chapter 11 bankruptcy is right for your situation, I can help you create and present an effective plan for reorganizing your assets and debts. The goal is always to protect your rights and property — and to leave you with a healthier financial situation after resolving your debts to the satisfaction of creditors and the court. You do not have to confront your debt problems alone. Call me, attorney Roger Kraft, and I can guide you through the process and help alleviate your burdens.
Filing for Chapter 11 involves an immense amount of paperwork. In order for your case to proceed, the court must accept your disclosure statement and your reorganization plan. I can handle your filing and help you gain the approval of the court and creditors.
Contact Roger A. Kraft, Attorney at Law, P.C.
To arrange a free consultation, please call 801-871-8353 or 800-640-3207, or contact me online. Evening and weekend hours are available by appointment. My office is centrally located in Midvale and near all courthouses from Provo to Ogden. My rates are affordable, and I accept credit cards.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.