Filing for, creating a reorganization plan under, and implementing debt repayment agreements through a Chapter 11 bankruptcy are all complicated legal processes. Partnering with an experienced and knowledgeable Columbus, Ohio, Chapter 11 bankruptcy lawyer as you go through each step can help you avoid errors that will cost you time and money, and potentially get you sued.
Five of the most important services that a Columbus Chapter 11 bankruptcy attorney from the Calig Law Firm can provide are discussed below. We will be happy to answer more specific questions, and we welcome clients from all across Ohio. Call us at (614) 252-2300 or request a confidential appointment by completing this online contact form. Know, too, that we can assist with Chapter 13 bankruptcies and, for individuals or businesses that have run into financial difficulties due to an unexpected and steep loss of income, Chapter 7 bankruptcies.
Filing a Chapter 11 bankruptcy petition with a federal district court requires submitting detailed lists debts, assets, sources and amounts of income, and numerous other financial records. Omitting information may cause the court to reject your petition without really considering it. And, in a situation that could prove worse down the line, leaving certain debts off the mandated schedule makes them ineligible for restructuring through a bankruptcy plan. Consulting with a Columbus Chapter 11 bankruptcy attorney as you prepare your petition will prevent you from leaving out essential and beneficial information.
Chapter 11 bankruptcy protection will allow you to maintain possession of all the assets you choose not to sell or surrender. It will not, however, automatically remove any of your legal obligations to pay back creditors or live up to your other contractual commitments. Your bankruptcy attorney will keep you informed about which financial matters you can — and cannot — include in your debt reorganization plan. You should also seek advice on any sale or transfer of property you have borrowed against because part of complying with the terms of a Chapter 11 reorganization plan requires protecting the rights and interests of creditors.
Creditors must agree to accept the provisions of your Chapter 11 reorganization plan that affect them. Ensuring that creditors vote to approve your plan almost always requires engaging in negotiations over payment amounts and due dates. You have the right to seek advice and representation from a bankruptcy attorney during all negotiations, and you can expect each creditor to have its own legal team.
You will appear in court at least once as you go through the Chapter 11 bankruptcy process. That required hearing allows your creditors to present testimony and evidence for why your reorganization plan should and should not be approved.
You may face other lawsuits from creditors, and you may need to take people or organizations that owe you money to court to collect so you can retire your own debts. Your Columbus Chapter 11 bankruptcy lawyer can prepare you for each hearing and speak for you in court.
You must file regular updates on your finances while you remain under Chapter 11 bankruptcy protection. You also need to pay quarterly administrative fees and stick to the repayment agreements you reached with your creditors. Your Columbus, Ohio, Chapter 11 bankruptcy attorney will help you meet paperwork deadlines and advise you on how to deal with creditors when your income changes significantly.