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Tag Archives: chapter 11 bankruptcy

What Role do Creditors Play in Bankruptcy?

Depending on the type of bankruptcy proceeding, creditors can have numerous rights. While bankruptcy automatically stays must collection activities, certain creditors may play an active role in the bankruptcy process. These creditors — whom the petitioner must list in his or her bankruptcy petition — must receive notice of the filing. Under Chapter 7, creditors… Read More »

Long-Term Effects of Bankruptcy

We spend a lot of time here reassuring clients that bankruptcy is not the end of their financial lives and that many individuals and businesses come out of bankruptcy with improved financial health. This is absolutely true and we stand by it. But it is also important for people to recognize the gravity of the… Read More »

How is Chapter 11 Different for Small Businesses?

Unlike Chapter 11 bankruptcy cases that involve medium to large businesses, the U.S. Trustee is more involved in overseeing the case with a small business Chapter 11.  Early on, the debtor must attend an initial interview where the trustee evaluates the small business’s viability, the debtor’s business plan, and the debtor’s responsibility to file certain… Read More »