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Know the key components of a Chapter 11 reorganization plan

Bankruptcy, Chicago

Businesses in Illinois experiencing financial turmoil may want to consider filing for Chapter 11 bankruptcy. At Ledford, Wu & Borges, LLC, we know how important it is to make the right decision when considering your company’s wellbeing. We have a history of helping people navigate the bankruptcy process, including putting together a reorganization plan.

As the U.S. Courts point out, you must file a plan of reorganization along with your disclosure statement. When you submit an order of relief, you will have as long as 120 days to develop this plan. However, smaller businesses or companies with lower debt may have 100 days.

That plan should include a classification of all your secured and unsecured debts. For example, some debts may be paid in full, and others may only be partially paid. You must show which debts will be treated in which way. You should also include how those debts will be paid. Some businesses downsize in order to reduce expenses, thereby freeing up assets to make payments.

Creditors have the right to vote on whether or not they accept your reorganization plan unless you are going to pay off all debts in full. For the bankruptcy court to approve the plan, at least one class of the impaired claims – or those that will not be paid in full – must vote in favor of your plan.

There are a number of complexities associated with filing for a Chapter 11. Getting it right is key to ensuring your company has the best chance at a better financial future. For more information on this topic, please visit our page on business bankruptcy.

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https://billbusters.com/wp-content/uploads/2018/09/blog-image.jpg 300 300 Isaiah Oconnor https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png Isaiah Oconnor2018-09-26 05:15:262018-10-07 18:36:59Know the key components of a Chapter 11 reorganization plan

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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