Chapter 11 Bankruptcy For
Reorganization in West Virginia
Relief for Business Debt with Roop Law Office LC
Trust Roop Law Office LC on Chapter 11 bankruptcy for reorganization in West Virginia. To find relief for business debt, Chapter 11 may be the answer for a corporation, partnership, or sole proprietor. Under this bankruptcy, a debtor makes a proposed reorganization plan.
The plan serves to keep the business going while paying creditors over time. Get relief for business-related debt by calling Roop Law Office LC.
Trying Financial Times in West Virginia Call for Tough Decisions
Roop Law Office LC in Beckley, WV, knows people go into business to seek profitability. Difficult financial times can turn a venture from positive to negative. When business debt overwhelms income and your profit-and-loss statement shows growing losses, Chapter 11 may be an answer.
Under a Chapter 11 “reorganization,” a debtor may file a voluntary petition with the bankruptcy court. A creditor may also file an involuntary petition if they meet certain requirements. There are certain required documents and certifications that must accompany the petition, along with filing fees. Attorney Paul Roop will explain these items in further detail as they pertain to your specific matter.
Written Disclosure Statement and Plan of Reorganization
Outlining both the financial status and reorganization plan are important for the court to render a decision. Many smaller businesses can provide combined information for the bankruptcy court to make such a judgment. Consulting with Paul Roop about the financials during this step can determine if he recommends providing a separate financial disclosure.
For sole proprietors, or individuals, filing Chapter 11, it may seem much like Chapter 13. There are other specifics that Paul Roop can review with you regarding the reorganization plan. These may relate to how an individual debtor’s earnings or income factor into the repaying creditors, and for how long. Seeking advice from Roop Law Office LC, with specific experience in bankruptcy matters, can be invaluable in upholding your rights.
Chapter 11 Reorganization: Various Considerations
Consulting with attorney Paul Roop at Roop Law Office LC can provide specific insight. The U.S. Bankruptcy Code and the Federal Rules of Bankruptcy Procedure define a variety of considerations required under Chapter 11. These topics may include:
- Debtor in Possession
- U.S. Trustee or Bankruptcy Administrator
- Creditors’ Committees
- Small Business Debt Considerations
- Single-Asset Real Estate Debtor
It is our goal to fully inform every individual filing for bankruptcy about their obligations to the court. We recognize that reorganization plans can be as unique as the businesses themselves. The more you know before filing for Chapter 11, or another type of bankruptcy, the better your outcome will be.
Southern West Virginia Businesses Consult with Roop Law Office LC
With a prime focus on bankruptcy matters, we assist many businesses with questions about when and how to file. Most bankruptcy services from Roop Law Office LC include Chapter7, Chapter 13, Chapter 11, and Chapter 12 of the bankruptcy code. We can extend advice on helping establish credit after bankruptcy. Roop Law Office LC offers experience on what to address for your specific Chapter 11 bankruptcy for reorganization in West Virginia.