Boone County - Chapter 11

BOONE COUNTY BUSINESS BANKRUPTCY ATTORNEYS

Is your business falling on hard times? In this tough economy, many Boone County businesses, large and small, have struggled to stay solvent. If you own a struggling business in Lebanon, Zionsville, Thorntown, or elsewhere in Boone County, Indiana, Chapter 11 bankruptcy could allow you to continue operating your business normally while you make plans to reorganize. The business bankruptcy attorneys at Saeed & Little LLP, represent small businesses, limited liability companies, and corporations during Chapter 11 bankruptcy filings, and are ready to help your business find relief from its debts.

The Chapter 11 Reorganization Plan

When your business files for Chapter 11 bankruptcy in the state of Indiana, you’ll be given a four-month period during which your business has exclusive rights to the reorganization plan. During this time, you’ll work with your bankruptcy lawyer to devise a reorganization plan that meets the criteria required by the courts and will be favorable for your creditors. Creditors want to ensure that in Chapter 11 bankruptcy they will be receiving at least as much as they would if you were to liquidate your business and use the proceeds to pay your debts. Oftentimes, a reorganization plan will involve some degree of downsizing to reduce expenses.

As you work out a reorganization plan with your bankruptcy lawyer, the courts, and your creditors, you are able to continue normal business operations as a debtor in possession (DIP) of your business.

Normal Business Operations Under Chapter 11 Bankruptcy

In Chapter 11 bankruptcy, your business is prohibited from buying or selling real estate, signing lease contracts, expanding operations, shutting down, liquidating assets, and other major business activities without approval from the bankruptcy court. However, you can continue normal business operations while in Chapter 11 bankruptcy, buying you valuable time to develop a reorganization plan. Your bankruptcy lawyer will ensure that your business operations stay in compliance with Chapter 11 bankruptcy law, and should you need it, act as your advocate to get approval from the courts for transactions that wouldn’t be considered normal business operations.

Serving businesses of all sizes in Lebanon, Zionsville, Thorntown, and throughout the greater Indianapolis area, the Boone County business bankruptcy lawyers of Saeed & Little LLP, can help your business determine whether Chapter 11 bankruptcy is your best course of action.

Contact us Today

To speak to one of our experienced Chapter 11 bankruptcy attorneys, contact the office of Saeed & Little LLP, in Indianapolis, IN at 317-800-6181.