In most cases, a business owner will become a “debtor in possession” and remain in control of their business. Subject to certain oversight by the United States Trustee and certain secured creditors, a business will remain operating during the Chapter 11 case. However, monthly operating reports are required to be filed with the Bankruptcy Court so that creditors can see the income and expenses for any given month.
It is important to remember that this is intended only to give you an overview of the Chapter 11 process. There are many specific rules and regulations that must be complied with in order to remain in a Chapter 11 case. The lawyers at Gregory K. Stern, P.C. Bankruptcy and Foreclosure Attorneys for Chicago, understand how to help clients survive a Chapter 11 bankruptcy restructuring. We have successfully confirmed Chapter 11 Plans even in the face of fierce opposition from creditors.
If you believe your business may need to petition the Courts for Chapter 11 reorganization, call us at
312- 427-1558 today.
We provide a free consultation and will answer all your questions. Our office is conveniently located at
53 West Jackson Boulevard Suite 1442 Chicago, Illinois 60604.