Chapter 11 Lawyers in Los Angeles

Regardless of your business size or structure, you can file for Chapter 11 protection. Although big corporations grab bankruptcy headlines, even when you’re self-employed in a sole proprietorship, you can pursue this option to get your businesses back on track. Talk with an OakTree bankruptcy attorney about how Chapter 11’s benefits apply to your circumstances.

The reorganization plan developed during your Chapter 11 proceedings may include a combination of asset retention and liquidation. An experienced Chapter 11 lawyer can negotiate a plan that allows you to hold onto key assets, so you have the best opportunity to achieve your long-term financial goals.

Your Chapter 11 Bankruptcy attorney at Oaktree will help you through every step of the process.

• File a Chapter 11 Bankruptcy Petition – Usually, the person or business in debt will file the petition, but a creditor can force you to file for Chapter 11 bankruptcy if you default on paying your debts.

• Get an Automatic Stay – This prohibits creditors from taking collection actions or enforcing liens unless they receive permission from the court.

• Appointment of a Bankruptcy Trustee – Once you file for Chapter 11 bankruptcy, you become a debtor in possession. Oftentimes, the debtor in possession acts as their own bankruptcy trustee. However, a trustee can be appointed by the court to propose a reorganization/repayment plan and oversee payment and reporting.

• Development & Approval of a Reorganization Plan – This plan determines which assets you keep and sell to meet the obligations of your debt. It must be accepted by the court and creditors representing at least two-thirds of your debt. A Chapter 11 bankruptcy lawyer can help create and advocate for the most beneficial reorganization plan for you.

• Confirmation of the Reorganization Plan – Your reorganization plan will be confirmed at a confirmation hearing if the creditors accept and the plan meets legal requirements.

Payment & Emergence Chapter 11 Bankruptcy – You will make monthly payments until your obligations are fulfilled. Your remaining debts may be discharged when sufficient funds have been disbursed.

Every situation is unique, but the Chapter 11 process—from filing to final settlement—can take an average of 1.5–5 years. It can sometimes take several years to complete the repayments that satisfy your debts. A Chapter 11 bankruptcy lawyer at OakTree can help craft a plan that helps you meet your obligations and emerge from bankruptcy in a timely manner.

While Chapter 11 is primarily designed for businesses, individuals can choose this option if they meet specific criteria. One example is carrying substantial debt higher than the limit allowed for Chapter 13 filings. An OakTree bankruptcy attorney can analyze your situation and explain which type of filing is best for you. Reach out now for a FREE case evaluation.