Chapter 11 Bankruptcy

 

Chapter 11 Bankruptcy Options

Utah business owners at times find it neccesary to file a Chapter 11 bankruptcy to reorganize their debt under the United States Bankruptcy Code.

Chapter 11 allows Utahbusiness owners to reorganize their debuts under the United States Bankruptcy Code.  Chapter 11 bankruptcy filings are available to all Utah businesses including sole proprietorships and corporations as well as to some individuals.  Usually Chapter 7 liquidations and Chapter 13 reorganizations are usually filed by private individuals.

Utah Chapter 11 bankruptcy attorneys can assist businesses with filing for federal bankruptcy protection under Chapter 11 or Chapter 7 when they are no longer able to meet their obligation to creditors or to service their debts.  With a Chapter 7,Utahbusinesses cease operating and US Trustees sell off business assets to repay the creditors.  In contrast, Chapter 11 usually allows the business debtors act as debtors in possession where they retain control of business operations under judicial oversight.

Chapter 11 plans typically reorganize the debtor’s personal and business assets and debts.  The timeframe of a Chapter 11 plan can range from months for smaller and simpler issues to years for larger and more complex issues.  Usually Chapter 11 bankruptcy plans allow proposals from any party and require the interested creditors to vote on the plan.

Contact a Chapter 11 Bankruptcy Attorney

If you own a business and want to discuss Chapter 11 bankruptcy options, feel free to contact a Chapter 11 bankruptcy attorney at PEARSON,BUTLER, CARSON, & COOK, PLLC at (801) 495-4104 for a free consultation.

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PEARSON, BUTLER, CARSON & COOK, PLLC provides legal services in the Greater Salt Lake City community. Our lawyers represent individuals and families struggling financially through bankruptcy, chapter 7, chapter 13, debt settlement, loan modification, and short sale assistance to avoid foreclosure. We also help with family law, divorce, custody, child support enforcement, and other related matters. We assist with criminal matters including DUI and other matters. We assist with estate planning, wills, trust, conservatorships, evictions, real estate matters, and other services across Utah, including Davis County, Morgan County, Salt Lake County, Summit County, Tooele County, Utah County, Uintah County, Weber County, Wasatch County and Washington County. Our services extend to Salt Lake City (SLC), South Jordan, Riverton, Lehi, Herriman, West Jordan, West Valley, Taylorsville, Sandy, Draper, Murray, Ogden, Tooele, Bountiful, Midvale, Layton, Orem, Provo, Park City, Springville, Spanish Fork, Heber, Saratoga Springs, St. George, and Fort Union.