Latest Articles (38)

Find an Article

Category

Latest Articles

Archive

How to File Chapter 11 Bankruptcy i...

ID:LLART026,

 Published on May 23, 2014 by

Justin McMurray

Filing Chapter 11 bankruptcy follows the same initial procedures as filing bankruptcy under other chapters. The process starts with general filings of the bankruptcy petition, statement of financial affairs, and supporting schedules. These are essentially the same forms that are required in consumer bankruptcy cases, except that the questions are answered in a different manner because the petitioner (debtor) is an operating business.

Chapter 11 bankruptcy is different from consumer bankruptcy petition in that it requires immediate supplemental filings of "first day motions." An operating business must acquire court approval to continue its operations immediately upon filing Chapter 11 bankruptcy. For instance, approval is immediately required to authorize wage payments accrued prior to filing. These kinds of payments are needed so employees of the business going bankrupt are not forced to resign and find another employment. First day motions are also issued so that the business can continue to pay vendors, suppliers, and other people, parties, and entities that the business uses.

A package regarding the standard operating guidelines is sent to Chapter 11 debtors from the US Trustee's office. Should a creditor have a lien on the filer's or debtor's cash in the banks, the ruling court would authorize the debtor to use this cash for the business' operations.

Find a qualified bankruptcy attorney to draft your first day motions prior to filing. This way, documents can immediately be submitted and filed after the bankruptcy petition. The court is going to hear these first day motions on an emergency basis, then issue appropriate orders so the business may survive. During the hearing, the court will also issue orders to determine whether the debtor's filing is in compliance while setting forth standards and guidelines that the court expects the debtor's operation to follow.

First day motions are heard on an emergency basis, rather than the first day after filing. This is often within the first week of the petition. A notice is also given to the creditors, where the petitioner has their contact information. As a practicality, some first day motions are heard before, some creditors give notice.

First day orders also include an application by the bankruptcy lawyer to be retained by the petitioner, authorizing the debtor to pay him/her up to 70% of the up-to-date billing, provided that the billings may be examined by the court later.

About The Author:

The Law Offices of Justin McMurray, P.A has the ability to effectively handle nearly every bankruptcy & foreclosure case. The Law Offices of Justin McMurray, P.A. reviews your case and help you to decide whether this is the best option for you or not. The firm guides you throughout the process to ensure you get the most out of this opportunity to make a fresh start in life.

BOTTLED PROTECTION POINTS-- IC or E...

ID:LLART025,

 Published on May 21, 2014 by

Bill Bernard
Bottled Business Sense Newsletter and The Bottled Business Sense Radio Show, driven by WFB Legal Consulting, Inc., sponsor weekly "Protection Points" for the small business owner. Many times employers improperly classify their employees as independent contractors so they, the employers, do not have to pay payroll taxes, the minimum wage or overtime, comply with other wage and hour law requirements such as providing meal periods and rest breaks, or reimburse their workers for business expenses incurred in performing their jobs.  Moreover, employers do not have to cover independent contractors under workers’ compensation insurance, and are not liable for payments for unemployment insurance, disability insurance, or social security. Make sure you have a LAWYER FOR BUSINESS who can provide your business with the BEST ASSET PROTECTION available. http://wfblegalconsulting.com http://www.businessassetprotection365.com http://www.bottledbusinesssense.com http://bottledbusinesssenseshow.com
What's New ?

Article : Hire the best legal expert for your personal injury case read more

Article : Seeking Personal Injury Legal Advice for Car Accident Cases read more

Article : What Can A Georgia Car Accident Lawyer Do To Strengthen Your Compensation Claim? read more

Article : 3 Reasons to Hire a Car Accident Lawyer read more

Article : Role of Personal Injury Lawyer Macon read more

Article : Choose personal injury lawyers in Georgia for obtaining workers compensation read more

Article : Boating and Alcohol Just Don't Mix read more

Article : How to Prove a Car Accident Case read more

Article : Free Case Evaluation read more

Article : Personal Injury Attorney Santa Rosa Helps Victims To Get Justice  read more

Classified : The May Firm read more

North Metro Litigators New Branch at Woodstock read more

Berry Law Offices New Branch at Princeton read more

Basic Profile : Law Offices of Lemuel A. Carlos read more

Basic Profile : Moody & Stanford read more

Basic Profile : Doolittle Legal LLC read more

Basic Profile : Gordon & Hess PLC read more

Basic Profile : Hill & Watchko read more

Basic Profile : Ken Devaney Attorney at Law read more

Basic Profile : Dannenbaum Law Firm read more

Basic Profile : Steven Owsley read more

Basic Profile : Vasquez Law Group read more

Basic Profile : Isaacson Schiowitz & Korson LLP read more

Back To Top