Filing Chapter 11 Bankruptcy in Utah
Chapter 11 bankruptcy is an effective tool for viable businesses and high net worth individuals to restructure their debt in the face of severe financial strife. Unlike other chapters of the bankruptcy code, the debtor is in the driver’s seat of the proposed restructuring plan. Although creditors will need to approve of any deal, it is often the best option for debtors to get out of debt.
Not many Utah law firms have experience with Chapter 11 bankruptcy filings. Fortunately, Green Legal Group has years of experience handling a variety of bankruptcy cases, including Chapter 11 bankruptcy. We can assist businesses, sole proprietors, and others with filing for federal bankruptcy protection under Chapter 11 or Chapter 7 bankruptcy when they are unable to meet creditor obligations. Chapter 11 allows the business debtors to act as debtors in possession where they are able to retain control of business operations under judicial oversight.
Court Filing Requirements
For a business to properly file Chapter 11, they must provide the following documents:
- Copy of recent balance sheet
- Statement of operations
- Cash-flow statements
- Copy of recent federal income tax return
Reorganizing Personal and Business Assets with Chapter 11 Bankruptcy
When you file for Chapter 11 bankruptcy, the debtors personal and business assets are recognized. The time frame of a Chapter 11 plan ranges from a few months to several years based on the complexity of your case and debt amounts. Chapter 11 bankruptcy normally allows proposals from different parties and creditors to vote on the plan.
Contact a Utah Chapter 11 Bankruptcy Lawyer
Green Legal Group has the experience and knowledge you need to file Chapter 11 bankruptcy. We will assist business owners in compiling their financial records and assets to determine if bankruptcy is the best route to take. We provide free consultation for Chapter 11 bankruptcy cases. Contact our law office in Salt Lake City, Utah today to discuss your Utah Chapter 11 bankruptcy options, (801)405-7827.