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Posted On: May 28, 2010 by Scott Sagaria

Chapter 11 Bankrutpcy Code

A Sacramento bankruptcy lawyer comments on the Chapter 11 Bankruptcy Code

Chapter 11 of the Bankruptcy Code provides the law that any corporate reorganization must meet. The Code provides for the filing of an voluntary petition and rights of nondebtors such as creditors. The time frame is outlined setting forth who will serve as trustee and when the creditor's meeting will take plan. The Code also provides for the employment of entities necessary to run the bankruptcy or business and gives requirements for how the business will continue to operate.

Next the Code provides for the business to file a plan and disclosure statements. Votes are solicited from parties in interest and actual voting takes place. If the business cannot devise an accepted plan other parties may file plans. The filing business will set a confirmation hearing and objections to the plan are heard if there are any. Any confirmed plan must meet the confirmation requirements under Chapter 11.

Once the plan is confirmed then the business receives a discharge and the revesting of property to itself. The case is finally closed and the business is reorganized.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!


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Posted In: Bankruptcy Code , Chapter 11 Bankruptcy

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