The Bankruptcy Process Doesn’t Have to be an Uphill Battle. Call (251) 241-8553 Today.
In general, corporations are the only entities complex enough to justify filing a Chapter 11. Most individuals and households can solve their financial issues with another bankruptcy format. However, individuals who don’t qualify for a Chapter 7 or 13 (either by having too much debt or by making too high of an income) can file a Chapter 11.
It depends on the complexity and structure of the bankruptcy plan. In general, between two months and two years is the average window of time for a Chapter 11. How your attorney structures the reorganization plan and what it entails will determine the time it takes.
Reorganization lets corporations cancel or refuse contracts, downsize/reshuffle employees, and offer lenders first priority on repayment in return for favorable financing terms. With the permission of the court, businesses can do what they need to continue operations while honoring debt obligations. However, they cannot sell assets during bankruptcy.
Kevin Ryan is a graduate of the College of Wooster and the Cleveland Marshall College of Law. He is admitted to practice before all Alabama State Courts, the United States District Court for the Southern District of Alabama, and the United States Bankruptcy Court for the Southern District of Alabama.
Since 1998, Attorney Ryan has represented thousands of clients. He focuses his practice primarily on consumer bankruptcy matters under Chapter 7 and Chapter 13 of the United States Bankruptcy Code. He also handles matters such as bankruptcy litigation, appellate work, or involvement in civil lawsuits is needed by a client.
