W. Travis Garrison Bankruptcy Law Blog on Lawyers.com

Chapter 11 Business Bankruptcy

Friday, February 5, 2010 by W. Travis Garrison

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Columbus Bankruptcy Attorneys: Cupps & Garrison, LLC.

Chapter 11 bankruptcy can become very complex, but debtors who file Chapter 11 may emerge within a couple months in prepackaged cases or within several years. 

Under the bankruptcy code, Chapter 11 reorganization can be used to restructure a business’ balance sheet, to sell a business, or generally to conduct an orderly liquidation of a business.  In Chapter 11 bankruptcy the debtor remains in possession of its assets and in control of its business.

Debtors seeking to reorganize propose a plan to reorganize, on which creditors may vote.  The goal is to achieve a confirmable plan to repay creditors a portion of their debts while the business seeks to improve its financial performance.

The Ohio bankruptcy lawyers at Cupps & Garrison have experience in all phases of Chapter 11 cases and proceedings. 

Cupps & Garrison, LLC
35 East Gay Street, Suite 402
Columbus, OH 43215
Phone: 614-441-8603

 
Posted at 20:16 PM
Topic: Bankruptcy
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