how to file chapter 11?

Question

I am just wondering what are the first steps to take to file a chapter 11.

Answer 1

Filing chapter 11 is mostly used by business, and the source link explains how it's done and why a lawyer is essential.

A case as filing chapter 11 reorganization of the United States Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy. While individuals are not precluded from using chapter 11, it is more typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership.

In chapter 11, you may continue to operate your business, but your creditors and the court must approve a plan to repay your debts. There is no trustee unless the judge decides that one is necessary; if a trustee is appointed, the trustee takes control of your business and property. [get current info, the post below is from 1998].

Answer 2

How Chapter 11 Works

A bankruptcy case commences when a bankruptcy petition is filed with the bankruptcy court. Fed. R. Bankr. P. 1002. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements. 11 U.S.C. §§ 301, 303. A voluntary petition should adhere to the format of Form 1 of the Official Forms prescribed by the Judicial Conference of the United States. The Official Forms may be purchased at legal stationery stores or download from the internet at www.uscourts.gov. The voluntary petition will include standard information concerning the debtor's name(s), social security number or tax identification number, residence, location of principal assets (if a business), the debtor's plan or intention to file a plan, and a request for relief under the appropriate chapter of the Bankruptcy Code. In addition, the voluntary petition will indicate whether the debtor qualifies as a small business as defined in 11 U.S.C. § 101(51C) and whether the debtor elects to be considered a small business under 11 U.S.C. § 1121(e).

Answer 3

File it between chapter 10 and chapter 12. lol

Answer 4

discuss it with a lawyer who works in that area

many lawyers will give you a free or low cost first consultation to see if you are a good candidate for their lawyering service

Answer 5

I am sorry to tell you this but you will need to find a lawyer. It will run at least $1,000.00.
Good luck!

Answer 6

file it

Answer 7

seek a lawyer who specializes or a paralegal

Answer 8

see a lawyer who specializes in bankruptcy-

Answer 9

go to your lawyer