1Our Attorneys Help You File for Chapter 11 Bankruptcy
Turn to our Merrillville, Indiana-based law group for answers to tough bankruptcy questions
When your business files for Chapter 11 bankruptcy, you take a step toward financial stability by initiating a stay to stop collections and give you time to evaluate and arrange your finances. Because Chapter 11 involves a restructuring of your business finances, a skilled bankruptcy attorney is often an invaluable ally through this complicated process. The lawyers of Gouveia & Associates have the experience with Indiana bankruptcy law to handle even the most complicated restructuring cases.
We help you put your Chapter 11 in motion, which allows you to:
- Maintain most of your assets during the reorganization process
- Resolve debt without having to liquidate your assets
What is the process of filing Chapter 11 for my business?
If you are considering a Chapter 11 bankruptcy, you should familiarize yourself with the procedure to ensure that collection attempts made by creditors stop as quickly as possible, so you can focus on clearing your debt and moving forward with your business operations. Though the process itself involves a number of complicated procedures and transactions, the general overview of filing Chapter 11 involves:
- An initial bankruptcy filing — The sooner you file and process your Chapter 11 business bankruptcy paperwork, the sooner collection and litigation stay will be put in place to stop calls from creditors and halt collection attempts.
- A financial disclosure statement — Businesses are required to draw up a statement that describes the primary causes that led to filing for bankruptcy. The filing party must also detail the current financial situation of the business and make a statement about how the business plans to proceed with future operations both during the Chapter 11 period and after.
- A reorganization plan — The filing party must classify all its creditors into groups and propose a repayment plan to each group of creditors. The plan should include how much each group will be paid over the chosen time period. Creditors will then have the opportunity to either accept or reject the proposed plan for repayment.
- A confirmation order — After the creditors approve the reorganization plan, the court approves a plan that creates a new, binding contractual repayment agreement between the business and its creditors.
Our Merrillville, Indiana-based bankruptcy lawyers assist you in each step of this process to ensure that your paperwork is filed as quickly as possible and to advise you in classifying creditors into groups to achieve swift creditor approval of your repayment plan.
Do you have questions about filing Chapter 11 business bankruptcy in the Northern District of Indiana?
Come by our office, conveniently located near the intersection of Route 30 and Interstate 65 in Merrillville, IN with free parking. We provide you with a free initial consultation in which we thoroughly consider your financial situation and advise you on how we are able to help. Call Gouveia & Associates today at 219-576-6192 or email us to schedule your free consultation. Our office hours are 8 a.m. to 4:30 p.m., Monday through Friday.