Once a business has filed a Chapter 11 bankruptcy, it is allowed to operate under the management of a debtor, commonly referred to as a debtor in possession. The debtor in possession takes control of the business operations and is tasked with accounting for property and examining claims and em...
they have the ability to file for bankruptcy protection. Unlike Chapter 7, which involves the liquidation of assets, Chapter 11 allows the company to remain in control, while a court oversees the operation of that business. In this article, we're going to cover the topic of Chapter 11 bank...
A Chapter 11 bankruptcy can be voluntary or involuntary. A voluntary bankruptcy is filed by the debtor and the order for relief is automatic with the filing. An involuntary bankruptcy can be filed by the debtor's creditors if certain requirements are met. The court will then determine, after ...
A Chapter 11 Bankruptcy often begins with a debtor filing an array of “first day” motions—requests for relief that a debtor deems necessary upon the case’s commencement. First day motions ease the transition into bankruptcy and enable a debtor’s operations to continue uninterrupted. Obtaining...
While Subchapter V filings can be quicker and less expensive to navigate than traditional Chapter 11 bankruptcy, a small business debtor can still benefit from hiring an attorney familiar with this new Chapter 11 bankruptcy code. The requirements and rulings are many, and both bankruptcy court and...
Chapter 11 Filing Procedure in Florida? A Chapter 11 case starts with the filing of a petition with the bankruptcy court. However, unlike other cases, a petition may be filed involuntarily if your creditors meet the necessary requirements to pursue an involuntary bankruptcy. A petition must includ...
Chapter 11 bankruptcy Almost anyone can file Chapter 11 bankruptcy. There are no income or debt requirements. Your goal under Chapter 11 is to keep your company operating so you can pay off your creditors. To make that possible you’ll work out a plan in bankruptcy court with your...
Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits. The company said Rite Aid stores will continue to fill prescriptions, and customers w
likely result in conversion of the holding company’s Chapter 11 case to a liquidation under Chapter 7, with the FDIC’s claims in respect of any such capital maintenance requirements having statutory priority ahead of general unsecured claims, pursuant to section 507(a)(9) of the ...
Understand the differences between Chapter 11 and Chapter 13 bankruptcy, as well as the income and debt level requirements for both.