Alternatives to a Virginia Bankruptcy<\/a> [\/et_pb_text][et_pb_image src=”https:\/\/hamptonroadslawfirm.com\/wp-content\/uploads\/2022\/11\/avvo-rating-final.png” title_text=”avvo-rating-final” _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_cta title=”We Want To Help You!” button_url=”https:\/\/hamptonroadslawfirm.com\/law-firm-john-w-lee\/” button_text=”View Locations” _builder_version=”4.19.0″ _module_preset=”default” header_font_size=”21px” header_line_height=”1.2em” body_font_size=”16px” body_line_height=”1.4em” background_color=”#0d4a7c” custom_button=”on” button_text_size=”14px” button_text_color=”#0d4a7c” button_bg_color=”#FFFFFF” button_border_width=”0px” button_border_radius=”0px” button_font=”Lato|600||on|||||” custom_padding=”25px|25px|25px|25px|false|false” global_colors_info=”{}”]<\/p>\n Schedule an Appointment at One of Our Four Convenient Hampton Roads Offices Near You!<\/p>\n [\/et_pb_cta][\/et_pb_column][et_pb_column type=”3_4″ specialty_columns=”3″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”3_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ link_font=”|600|||on|||#0a4a7c|” link_text_color=”#0a4a7c” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||-4px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Most people are familiar with Chapter 7 bankruptcy<\/a><\/strong> and Chapter 13 bankruptcy<\/a><\/strong> proceedings, but the Virginia bankruptcy law firm of John W. Lee, P.C.<\/strong><\/em>, knows that Chapter 11 bankruptcy can provide a new lease on life for businesses experiencing financial challenges. Chapter 11 of the United States Bankruptcy Code, also referred to as \u201creorganization,\u201d permits an eligible debtor to obtain protection from creditors while it negotiates a plan allowing it to reorganize and restructure its debt to allow its business operations to continue.Even though it is usually associated with large, well-known corporations that fall upon financial hard times, Chapter 11 is available to help small businesses and individuals to restructure their debt, as well. Virginia Beach Chapter 11 attorneys familiar with the process understand how pressure from creditors can make it difficult for businesses to continue normal business operations. Filing a petition under Chapter 11 provides protection from creditors as the debtor works to reorganize its operations and restructure its outstanding debt.<\/p>\n A Chapter 11 bankruptcy is a process that begins with the filing of a petition with the bankruptcy court. Petitions are characterized as being either voluntary or involuntary depending upon the circumstances and the party filing it. A voluntary petition is one filed by the debtor. A petition may also be filed by creditors in which event it is referred to as an involuntary petition.<\/p>\n Debtors filing a voluntary petition must fully disclose all financial affairs to the court, including:<\/p>\n A debtor has four months from the filing of its petition to propose a plan for reorganization. The bankruptcy court has the authority to extend the right of the debtor to file a reorganization plan for up to 18 months. The period of time allotted to the debtor for filing a plan excludes creditors from filing their own plan of reorganization until this exclusivity period expires. Once it expires, then the creditors are free to file, but they may also request dismissal of the Chapter 11 or ask that it be converted to a Chapter 7 bankruptcy<\/a><\/strong>.<\/p>\n [\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”0px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” link_text_color=”#0a4a7c” link_font=”|600|||on|||#0a4a7c|” sticky_enabled=”0″]<\/p>\n Unlike Chapter 7 bankruptcies<\/a><\/strong> or Chapter 13 bankruptcies<\/a><\/strong>, most Chapter 11 bankruptcies do not have a trustee appointed by the court to run the debtor\u2019s business. Operation of the business remains in the hands of the debtor under an arrangement referred to as a debtor in possession. The business operations will continue without interference from a trustee unless the debtor engages in any of the following activities:<\/p>\n The purpose of the reorganization plan is to demonstrate to creditors how the business will operate and repay its financial obligations. The majority of reorganizations include a restructuring of the business operations to reduce operating expenses by downsizing. Downsizing can make some of the assets of the debtor available for sale with the proceeds used for repayment of all or a portion of the outstanding debt.<\/p>\n The goal of reorganization is for the debtor to emerge from bankruptcy in better financial position than it was before it filed the Chapter 11. Chapter 11 plans filed by Virginia bankruptcy law firms include restructuring the debt owed by the debtor in addition to restructuring the business operations. Unless a plan allows for the full repayment of creditor claims, creditors are permitted to vote to approve or not approve the plan.<\/p>\n <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n A debtor in possession does not have unbridled control over its business operations during a Chapter 11 filed by Virginia bankruptcy law firms. Some of the areas in which the court might exercise control over a business include:<\/p>\n It can benefit a small business to move quickly through the process of a Chapter 11. Small businesses are those engaged in commercial or business activities and owe less than $2,566,050 in debt. For businesses that qualify, the following special provisions apply when they have Virginia Beach Chapter 11 attorneys file for them:<\/p>\n The bankruptcy court has the final say in the approval of a debtor\u2019s plan for reorganization filed by a Chapter 11 attorney Hampton Virginia. The court decides if a plan should be approved based on several factors, including:<\/p>\n It is rare for individuals to have Virginia Beach bankruptcy attorneys<\/a> file a petition on their behalf instead of filing a Chapter 7 or a Chapter 13. Individuals whose disposable income exceeds the qualification limits for Chapter 13 might consider filing a Chapter 11.<\/p>\n If an individual elects to file a Chapter 11, the automatic stay that prohibits creditors from continuing or commencing collection proceedings becomes effective upon filing of the petition. Hampton, VA Debtors or their Chapter 11 attorney must negotiate their debt with creditors in much the same manner as businesses filing for reorganization.<\/p>\n One of the benefits of a Chapter 11 for individuals is the ability to file a reorganization plan allowing a debtor to repay debt over an extended period while retaining assets. Once the amount allocated to repayment of debt is paid, the remaining debt can be discharged.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_cta title=”Contact Virginia Beach Chapter 11 Attorneys” button_url=”https:\/\/hamptonroadslawfirm.com\/law-firm-john-w-lee\/” button_text=”View Locations” _builder_version=”4.19.0″ _module_preset=”default” header_font_size=”21px” header_line_height=”1.2em” body_font_size=”16px” body_line_height=”1.4em” body_link_font=”||||on||||” body_link_text_color=”#FFFFFF” background_color=”#0d4a7c” custom_button=”on” button_text_size=”14px” button_text_color=”#0d4a7c” button_bg_color=”#FFFFFF” button_border_width=”0px” button_border_radius=”0px” button_font=”Lato|600||on|||||” custom_padding=”25px|25px|25px|25px|false|false” global_colors_info=”{}”]<\/p>\n The attorneys at John W. Lee, P.C.<\/strong> <\/em>can put their more than 70 years of combined experience to help you on whether a Chapter 11 bankruptcy filing is in your best interest. \u00a0We have four convenient Hampton Roads locations<\/a><\/strong> in Virginia Beach<\/a><\/strong>, Hampton<\/a><\/strong>, Chesapeake<\/a><\/strong> and Newport News<\/a><\/strong> servicing the surrounding cities of Norfolk, Portsmouth, Suffolk, Smithfield, Poquoson and Williamsburg and the York, James City and Gloucester counties. Call us\u00a0today at (757) 896-0868<\/strong><\/a> to schedule an appointment with an attorney at one of Southeast Virginia’s premier bankruptcy law firms.<\/p>\n [\/et_pb_cta][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Virginia Chapter 11 Bankruptcy Attorneys Even though it is usually associated with large, well-known corporations that fall upon financial hard times, Chapter 11 is available to help small businesses and individuals to restructure their debt, as well. Virginia Beach Chapter 11 attorneys familiar with the process understand how pressure from creditors can make it difficult for businesses to continue normal business operations. Filing a petition under Chapter 11 provides protection from creditors as the debtor works to reorganize its operations and restructure its outstanding debt.<\/p> A Chapter 11 bankruptcy is a process that begins with the filing of a petition with the bankruptcy court. Petitions are characterized as being either voluntary or involuntary depending upon the circumstances and the party filing it. A voluntary petition is one filed by the debtor. A petition may also be filed by creditors in which event it is referred to as an involuntary petition.<\/p> Debtors filing a voluntary petition must fully disclose all financial affairs to the court, including:<\/p> \u00a0 Unlike Chapter 7 bankruptcies<\/a><\/strong> or Chapter 13 bankruptcies<\/a><\/strong>, most Chapter 11 bankruptcies do not have a trustee appointed by the court to run the debtor\u2019s business. Operation of the business remains in the hands of the debtor under an arrangement referred to as a debtor in possession. The business operations will continue without interference from a trustee unless the debtor engages in any of the following activities:<\/p> \u00a0 The goal of reorganization is for the debtor to emerge from bankruptcy in better financial position than it was before it filed the Chapter 11. Chapter 11 plans filed by Virginia bankruptcy law firms include restructuring the debt owed by the debtor in addition to restructuring the business operations. Unless a plan allows for the full repayment of creditor claims, creditors are permitted to vote to approve or not approve the plan.<\/p><\/div><\/div><\/div><\/div>
Virginia Bankruptcy Law FAQ<\/a>
Virginia Chapter 7 Bankruptcy Attorneys<\/a>
Virginia Chapter 13 Bankruptcy Attorneys<\/a>
Virginia Chapter 11 Bankruptcy Attorneys<\/a>
Stopping A Foreclosure During Bankruptcy<\/a>
Protecting Assets<\/a>
Managing and Rebuilding Credit<\/a>
Required Documents for Bankruptcy<\/a>
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Bankruptcy Guest Speaking<\/a><\/p>\n![\"virginia](\"https:\/\/hamptonroadslawfirm.com\/wp-content\/uploads\/virginia-beach-chapter-11-bankruptcy-attorneys.jpg\")
<\/a><\/p>\nThe Process of Filing a Chapter 11 Bankruptcy<\/h2>\n
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The Reorganization Plan under a Chapter 11 Bankruptcy<\/span><\/h2>\n
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The Role Played by the Bankruptcy Court in Business Operations<\/h2>\n
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Small Businesses Subject to Special Chapter 11 Rules<\/h2>\n
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Court Confirmation of Chapter 11 Reorganization<\/h2>\n
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Individuals Filing for Chapter 11 Bankruptcy<\/h2>\n
<\/a>Most people are familiar with Chapter 7 bankruptcy<\/a><\/strong> and Chapter 13 bankruptcy<\/a><\/strong> proceedings, but the Virginia bankruptcy law firm of John W. Lee, P.C.<\/strong><\/em>, knows that Chapter 11 bankruptcy can provide a new lease on life for businesses experiencing financial challenges. Chapter 11 of the United States Bankruptcy Code, also referred to as \u201creorganization,\u201d permits an eligible debtor to obtain protection from creditors while it negotiates a plan allowing it to reorganize and restructure its debt to allow its business operations to continue.The Process of Filing a Chapter 11 Bankruptcy<\/h2>
A debtor has four months from the filing of its petition to propose a plan for reorganization. The bankruptcy court has the authority to extend the right of the debtor to file a reorganization plan for up to 18 months. The period of time allotted to the debtor for filing a plan excludes creditors from filing their own plan of reorganization until this exclusivity period expires. Once it expires, then the creditors are free to file, but they may also request dismissal of the Chapter 11 or ask that it be converted to a Chapter 7 bankruptcy<\/a><\/strong>.<\/p>The Reorganization Plan under a Chapter 11 Bankruptcy<\/h2>
The purpose of the reorganization plan is to demonstrate to creditors how the business will operate and repay its financial obligations. The majority of reorganizations include a restructuring of the business operations to reduce operating expenses by downsizing. Downsizing can make some of the assets of the debtor available for sale with the proceeds used for repayment of all or a portion of the outstanding debt.<\/p>