Chapter 11 Bankruptcy
In Oregon, Chapter 11 bankruptcy is the longest and most complicated form of bankruptcy. It is designed for businesses and corporations that are floundering in debt and provide a way to reorganize and modify debts as well as the organization itself. This can help you keep your business running and give you time to adjust the business and recover. Filing Chapter 11 is a long and more costly process, but we have experience and will be with you for the long haul. We are confident we can help you reorganize your business in a way that makes sense and gives you a future. Let’s sit down and talk through your options, but you can get a quick overview of Chapter 11 here.
What can I expect if I file Chapter 11 bankruptcy?
You can think of Chapter 11 bankruptcy as a reorganization of the business, the debts and the assets. In most cases the business can continue to run, but the court will help the business restructure. We can help you create a program that reorganizes your debts and gives you enough time to stay afloat, but it’s important to remember that the plan can’t just benefit you. Your creditors also get a say in the plan, and the reorganization has to take their best interest into account. If you can’t suggest a program to reorganize the business then the creditors are allowed to propose their own.
In most cases you can continue to run your business yourself, but you won’t be able to make some decisions without permission from the courts. Decisions like sale of assets, rental agreements and expanding business operations will have to go through a trustee. If your case involves fraud, dishonesty or gross incompetence then a court-appointed trustee will have to step in and run the business instead, for the entire bankruptcy proceeding.
Hire the Oregon Chapter 11 bankruptcy firm you can trust.
If you’re considering Chapter 11 bankruptcy you need to choose your attorney carefully. This will be a long and probably a difficult process. Choose a team with experience and follow-through that you can trust to stick with you. Rank & Karnes Law, P.C. has exactly what you need. We’ve helped other businesses file for Chapter 11 in Oregon and Washington and we know we can get you through this. Call us and set up a consultation. We’ll earn your business and help you create a fresh start.
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We know that facing financial difficulties is hard, and you don’t have to do it alone. Schedule a consultation with us and we’ll help you create a brighter future.