Chapter 11 Debtor in Possession
Chapter 11 Debtor in Possession Attorneys in Indianapolis
Marion County Business Bankruptcy Lawyers
Strategies for Overcoming Business Debt in Indiana
If your small or mid-sized business has run into financial problems, you may be battling desperately to keep creditors at bay and find longer-term solutions. You may believe that, with time and some room to make changes, you can get your business thriving again. Putting first things first, we can help you analyze whether your plan is viable or it is time to liquidate.
Large corporations often keep operating while they reorganize and pay down debt through Chapter 11 bankruptcy, and this path may also be available to you. Seeking bankruptcy protection does not have to mean giving up control over your business property and decisions. To discuss your problems and legal options, contact the proven business bankruptcy lawyers at Redman Ludwig, P.C., today.
What Does It Mean to Be a Chapter 11 Debtor in Possession?
The basic requirements of a Chapter 11 business bankruptcy involve development, approval and execution of a detailed financial plan. This plan must outline how your business will generate profit in the future and pay creditors some or all of what is owed over time — and it may also enable you to renegotiate and modify some obligations, such as unfavorable leases.
In most cases, the business owner who files a Chapter 11 petition maintains possession of business assets and keeps decision-making authority. Although some restrictions apply, as a debtor in possession, you — rather than a court-appointed receiver or trustee — maintain authority over how your business is run.
Leverage Our Firm's Experience Handling Many Business Bankruptcy Cases
Chapter 11 is a complex form of bankruptcy, rife with subtle nuances and potential for serious missteps. Evaluating this option properly will require guidance from an attorney who has helped entrepreneurs and family business owners successfully reorganize many types of companies and return to profitability.
If you believe your corporation, limited liability company or partnership is sustainable for the future, but you need to take legal action to weather current financial challenges, please request a consultation at our Indianapolis law firm today. We are here with real, practical solutions and answers to all your business bankruptcy questions.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.