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Daytona Beach Bankruptcy - Chapter 11

Chapter 11:

Also known as the reorganization chapter of the Bankruptcy Code, Chapter 11 assists corporations, non-profits, partnerships, and individuals in reorganizing their debts while simultaneously continuing to operate their business. There are many benefits to a Chapter 11 Bankruptcy, including halting any litigation already in progress against the business, the ability to reorganize debt and negotiate with creditors, and the ability for the business to continue operations during the pendency of the case.

There are also, however, several responsibilities that the owner of the business, formally known as the Debtor-in-Possession (“DIP”), must uphold. There are several reporting requirements. The DIP must submit financial information to the U.S. Trustee every month reporting the financial health of the business or individual during the pendency of the case. Furthermore, several motions and hearings are required for the DIP to continue operations, pay its employees, and obtain credit.

A Chapter 11 Bankruptcy attorney can assist the DIP in taking full advantage of the benefits allowed under Chapter 11. The attorney can also aid the DIP in complying with the various responsibilities and reporting requirements. If you are either an individual or a business that is experiencing significant cash flow problems, have a substantial amount of debt, and simply do not know what your options are, please schedule a free consultation with one of our Daytona Beach Bankruptcy attorneys at Mara & Mara. We will look at your situation and advise you under what chapter of the Bankruptcy Code you may want to seek relief. 

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