06/03/2024
Milwaukee Bankruptcy Attorney | How Chapter 11 Works
As your Wisconsin business Bankruptcy Attorney can explain to you, when a Chapter 11 Bankruptcy is put into place, the debtor maintains the control as well as the ownership of the business assets. The debtor and creditors must work with the court to structure a plan for repayment of the debt. At the same time, the debtor is responsible for keeping the business operating. The creditors must agree on requirements that the court requests, such as fairness between the creditors or a certain priority of one creditor above another. The plan is put to a vote and the creditors must approve it. If there are issues of disagreement, the court will include additional requirements or adjustments to the original plan until it is approved and finalized.
You will find that compassion and understanding are qualities that each business Bankruptcy Attorney at the Law Office of Richard A. Check is willing to share with you. We understand that financial problems can happen with any business, no matter how hard you try to stay on top of things. We are here to provide the support and advice you need so that you can begin to look to the future with optimism again. Contact us today to schedule an appointment to go over your situation.
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