{"id":2891,"date":"2016-05-05T11:06:27","date_gmt":"2016-05-05T18:06:27","guid":{"rendered":"http:\/\/dmaxlaw.com\/?p=2891"},"modified":"2016-05-05T11:06:27","modified_gmt":"2016-05-05T18:06:27","slug":"debt-lawyer-what-is-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/themediabeast.com\/resources\/debt-lawyer-what-is-chapter-11-bankruptcy\/","title":{"rendered":"Debt Lawyer | What Is Chapter 11 Bankruptcy?"},"content":{"rendered":"<h2><b>Debt Lawyer | What Is Chapter 11 Bankruptcy?<\/b><\/h2>\n<p><b><a href=\"http:\/\/dmaxlaw.com\/chapter-11-bankruptcy\/\">Debt Lawyer |<\/a>\u00a0<\/b><span style=\"font-weight: 400\">Chapter 11 bankruptcy is an option for businesses of any size to deal with a heavy load of debt. It is also an option for individuals and people who do not qualify for Chapter 7 or Chapter 13 bankruptcy. It provides the opportunity for a business to reduce its expenses while finding new ways to turn a profit. While a Chapter 11 is in progress, the business is protected from its creditors.<\/span><\/p>\n<p><b>Chapter 11 Filing Process<\/b><\/p>\n<p>The business or individual files a petition with the United States Bankruptcy Court. Once the action begins, creditors must suspend all collection activities. During this time, the debtor must prepare a plan to reorganize finances and repay outstanding obligations.<\/p>\n<p><b>Chapter 11 Reorganization<\/b><\/p>\n<p><span style=\"font-weight: 400\">Unlike Chapter 7 liquidation, a Chapter 11 bankruptcy is about profitability. The debtor must negotiate terms to either repay obligations or get them partially discharged. This is an incentive for creditors to work with debtors since it is unlikely that Chapter 7 would bring better results. A good reorganization plan prioritizes debt where wages, back taxes and stockholders come first, followed by unsecured claims. The plan requires court approval and confirmation after creditors vote on it. If approved, all debt incurred before the confirmation date is discharged, and the debtor is then obligated to repay financial obligations as agreed to in the plan.<\/span><\/p>\n<p>Any individual or business considering a Chapter 11 bankruptcy filing should seek legal counsel before moving ahead with a plan.<\/p>\n<p>The decision to file bankruptcy is a crossroad in your life and should not be made without obtaining objective, considered advice from an expert. Choosing the right bankruptcy attorney in Bakersfield will eliminate the fatigue and worry that can come from the Bankruptcy filing process. You will be provided the right guidance and understanding of your rights, and your responsibilities, as a debtor filing Bankruptcy.<\/p>\n<div class=\"et_pb_column et_pb_column_3_4 et_pb_column_0\">\n<div class=\"et_pb_text et_pb_module et_pb_bg_layout_light et_pb_text_align_left et_pb_text_1\">\n<p>If you are considering filing Chapter 11 Bankruptcy in Bakersfield for your business, get advice sooner, rather than later. Call <a href=\"http:\/\/dmaxlaw.com\/\">Max Gardner<\/a> Today at <strong><span class=\"s1\">661-888-4335<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"et_pb_column et_pb_column_1_4 et_pb_column_1\"><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debt Lawyer | What Is Chapter 11 Bankruptcy? Debt Lawyer |\u00a0Chapter 11 bankruptcy is an option for businesses of any [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2947,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","footnotes":""},"categories":[1],"tags":[1082],"class_list":["post-2891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-debt-lawyer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Debt Lawyer | Chapter 11 Bankruptcy | Bakersfield, CA<\/title>\n<meta name=\"description\" content=\"If filing Chapter 11 Bankruptcy in Bakersfield for your business, get advice sooner, rather than later. Call debt lawyer Max Gardner Today at 661-888-4335\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/themediabeast.com\/resources\/debt-lawyer-what-is-chapter-11-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt Lawyer | What Is Chapter 11 Bankruptcy?\" \/>\n<meta property=\"og:description\" content=\"If filing Chapter 11 Bankruptcy in Bakersfield for your business, get advice sooner, rather than later. 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