*The law requires that we tell you we are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code. Is it time for you to call us?
Chapter 11?
- It’s much like a Chapter 13 bankruptcy, except for business entities like LLC’s or corporations.
- Usually, Chapter 11 cases do not involve a trustee, and the debtor acts as the trustee for the business.
- Businesses acting as trustees are considered “debtors in possession.”
- Appointment of a trustee requires some wrongdoing or gross mismanagement on the part of existing management and is relatively rare.
The Goal is to Restructure:
- Chapter 11 cases restructure businesses with the aim in mind of making the business viable again.
- Often, this means refinancing some debts and avoiding others.
- As with other cases, the “automatic stay” protects the business from its creditors.
- Litigation against the debtor is stopped and settled by the Bankruptcy Court, or allowed to resume in adversary proceedings.
COOPER & FORBES
166 Main Street
Painesville, OH 44077
Phone: (440) 357-6211
Fax: (440) 357-1634
E-mail: bankruptcy@cooperandforbes.com
Office hours are 9:00 A.M. to 4:30 P.M. Monday through Friday.
*Our office closes for lunch between 12:00PM and 1:00PM.
Saturday and evening appointments are available by special request.
We are conveniently located in downtown Painesville, Ohio, 20 miles east of Cleveland
and 25 miles west of Ashtabula County.
For directions, click here
*Serving individuals and businesses in Lake, Geauga,
Ashtabula and Cuyahoga counties
For more information about our other areas of practice, please visit our firm website
The law requires that we tell you that we are a debt relief agency.
We help people file for Bankruptcy Relief under the Bankruptcy Code.
The information you obtain at this site is not, nor is it intended to be, legal advice.
You should consult an attorney for individual advice regarding your own situation.
