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Warminster, PA Chapter 11 Bankruptcy Attorneys

Filing Chapter 11 Bankruptcy

If you or your small business is in an excessive amount of debt, a reorganization plan to get you back on track and keep your business alive may be the bankruptcy option for you. A chapter 11 bankruptcy is often known as a small business reorganization plan because it allows you as the business owner to remain in control of your assets while repaying your creditors over an extended period of time that is discussed and approved by the bankruptcy courts. The plan begins when your bankruptcy lawyers help you to file certain financial statements.

The Warminster chapter 11 bankruptcy attorneys at McCullough Eisenberg may help you file some of the following paperwork with the courts:

  • assets and liability
  • schedule of income and expenditures
  • debts to creditors information
  • tax or mortgage records
  • relevant contracts
  • financial affairs statement
  • certificate of credit counseling and debt repayment plan (individual debtors)

The specific paperwork to be filed depends on your situation and must be accompanied by a court-fee.

Find out if chapter 11 bankruptcy is the right choice for your business at (215) 392-6696!

Debtor in Possession

One of the significant advantages of a chapter 11 bankruptcy is the fact that the debtor remains in possession of the assets (whereas in a chapter 7 bankruptcy, some property or assets may be seized by the trustee and liquidated to pay creditors).

Additionally, this means that any stockholders of your small business are not typically put at risk by the bankruptcy—aside from, perhaps, the value of their stocks. Partnerships and sole proprietorships can be more affected by a bankruptcy declaration, depending on the situation.

As a chapter 11 debtor in possession, you may have additional fiduciary responsibilities that a trustee would normally have, such as property accounting, filing informational reports, and examining claims. Fortunately, Pennsylvania statutes also grant you the right to hire professionals to assist you in accounting for these various tasks, such as a bankruptcy attorney. With over 50 years of experience in countless cases, our attorneys are prepared to confidently handle your case.

For a knowledgeable and experienced Warminster bankruptcy attorney, call (215) 392-6696 and receive a free case evaluation.

Filing Chapter 11 Bankruptcy? We Can Help!

If you or your small business is in an excessive amount of debt, a reorganization plan to get you back on track and keep your business alive may be the bankruptcy option for you. A Chapter 11 bankruptcy is often known as a small business reorganization plan because it allows you as the business owner to remain in control of your assets while repaying your creditors over an extended period of time that is discussed and approved by the bankruptcy courts. The plan begins when your bankruptcy lawyers help you to file certain financial statements.

The Warminster Chapter 11 bankruptcy attorneys at McCullough Eisenberg can help you draft and file some of the following paperwork with the courts:

  • Assets and liability
  • Schedule of income and expenditures
  • Debts to creditors information
  • Tax or mortgage records
  • Relevant contracts
  • Financial affairs statement
  • Certificate of credit counseling and debt repayment plan (individual debtors)

Our firm can navigate you through every step of the process and help you understand your rights. Let us provide you with the legal guidance that you need to protect your hard-earned business during these tough times.

Give us a call at (215) 392-6696 to schedule a free consultation!

Benefits of Being a Debtor in Possession

One of the significant advantages of a Chapter 11 bankruptcy is the fact that the debtor remains in possession of the assets. As a Chapter 11 debtor in possession, you will continue to operate your business while reorganizing your pre-petition debt in order to construct a plan that works for you.

With over 50 years of experience in countless cases, McCullough Eisenberg is prepared to confidently handle your case.

For a knowledgeable and experienced Warminster chapter 11 bankruptcy attorney, call (215) 392-6696 and receive a free case evaluation.

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