Chapter 11 Bankruptcy Process Lawyer
Filing Chapter 11 bankruptcy is an inherently stressful process. Compounding the potential for stress is the relative complexity of the Chapter 11 bankruptcy process. Having the aid of a Chapter 11 bankruptcy lawyer on your side will make the process easier, less stressful, and can ensure that you retain as much control of your assets and operations of your business as possible.
If you are considering Chapter 11 bankruptcy, you need the assistance of an experienced and effective Chapter 11 bankruptcy lawyer. Contact the Austin Chapter 11 bankruptcy attorneys of Slater, Kennon & Pugh Ltd.LLP today at 512-338-1100 for the assistance and advice that you need.
Filing Chapter 11 Bankruptcy
The first step of the Chapter 11 bankruptcy process is to file a petition with a bankruptcy court, which is actually part of the federal court system. Typically, the charge to file bankruptcy involves a $1000 filing fee and $39 for miscellaneous fees.
This filing must include a disclosure of your assets and liabilities, along with details of your operations. You must also include your plan for reorganization, although the amount of information needed in both of these disclosures is determined by the discretion of the court. Depending on the size of your business, your disclosure may require a smaller or greater level of detail. As such, you should contact an Austin Chapter 11 bankruptcy lawyer in order to get a reasonable expectation for the level of detail that will be required.
The Repayment Process
In addition to the disclosures, you must also quantify the liabilities that you have to creditors, and explain how you will make repayments on these debts. Creditors may have the right to accept or reject this plan through a vote if the terms of their contracts are being altered or if they will not be receiving the full value of the debt. Once the creditors agree on the plan, the court will review and approve the plan, and hold a confirmation hearing in order to finalize the specifics of your bankruptcy.
Contact Us
Filing for bankruptcy is stressful and complicated. However, by working with an experienced bankruptcy lawyer, you can avoid many of the hassles and confusion that can arise during the process. For the assistance you need, contact the Austin Chapter 11 bankruptcy lawyers of Slater, Kennon & Pugh Ltd.LLP today at 512-338-1100.