laniganpl.com/2012/05/24/some-... (Winter Park Florida) Bankruptcy attorney Eric Lanigan talks about some fundamentals of Chapter 11 Bankruptcy.
Generally speaking Chapter 11 bankruptcies are associated with businesses. If someone files a bankruptcy everything stops and basically the purpose of that is to give the debtor some breathing room to try to get things reorganized.
Another fundamental issue of the Chapter 11 bankruptcy is what we call The Debtor in Possession. Which means the law keeps the existing owner management team in place to operate the business.
If you have any questions, don’t hesitate to contact us. If the business is going south get into a lawyer’s office that knows something about a Chapter 11. Discuss your situation. Determine whether or not it’s time to file. Or if not, what can be done to avoid or to deal with a creditor and possibly even to avoid filing a Chapter 11.
Consult with an experienced bankruptcy attorney to find out what your options are. The Lanigans are located at 831 W Morse Blvd in (Winter Park Florida). 407-740-7379 Experienced Attorneys, Aggressive Representation with a Personal Touch.