Virginia Chapter 11 Bankruptcy Attorneys
Bankruptcy Menu
Alternatives to a Virginia Bankruptcy
Virginia Bankruptcy Law FAQ
Virginia Chapter 7 Bankruptcy Attorneys
Virginia Chapter 13 Bankruptcy Attorneys
Virginia Chapter 11 Bankruptcy Attorneys
Stopping A Foreclosure During Bankruptcy
Protecting Assets
Managing and Rebuilding Credit
Required Documents for Bankruptcy
Media Center
Bankruptcy Guest Speaking

We Want To Help You!
Schedule an Appointment at One of Our Four Convenient Hampton Roads Offices Near You!
Most people are familiar with Chapter 7 bankruptcy and Chapter 13 bankruptcy proceedings, but the Virginia bankruptcy law firm of John W. Lee, P.C., 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 “reorganization,” 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.
The Process of Filing a Chapter 11 Bankruptcy
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.
Debtors filing a voluntary petition must fully disclose all financial affairs to the court, including:
- All assets and liabilities
- Current income and expenses
- Executory contracts and unexpired leases
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.
Contact Virginia Beach Chapter 11 Attorneys
The attorneys at John W. Lee, P.C. 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. We have four convenient Hampton Roads locations in Virginia Beach, Hampton, Chesapeake and Newport News servicing the surrounding cities of Norfolk, Portsmouth, Suffolk, Smithfield, Poquoson and Williamsburg and the York, James City and Gloucester counties. Call us today at (757) 896-0868 to schedule an appointment with an attorney at one of Southeast Virginia’s premier bankruptcy law firms.