laniganpl.com/2015/12/22/findi... (Winter Park Florida) Bankruptcy attorney Eric Lanigan talks about some fundamentals of Chapter 11 bankruptcy law.
First Day Orders, are requests for orders that deal with an order allowing certain day-to-day things to continue doing business.
You need an order to hire a debtors attorney to deal with the bankruptcy. To pay the employee wages, to use the business revenues for common use in the running of the business.
The debtor needs the orders to run the business in an honest and reasonable manner. Of course there is the order to stop all creditors from seizing business assets so that the business may keep operating.
Most problems occur in a Chapter 11 bankruptcy when you wait too long. You can't expect an attorney no matter how experienced to tackle your Chapter 11 bankruptcy when your issues have been ruled upon in other courts.
The longer you wait, the fewer options you have. If the business is going south, get in to see a Chapter 11 bankruptcy attorney, now. You may even be able to avoid having to file bankruptcy.
If you're waiting for the New Year, 2016, to get things in order, that's not the best idea. It's better to at the very least call to meet and talk about where your business debt stands. You could be worrying for nothing, or you may have to file Chapter 11 bankruptcy. But at the least you'll know where you stand.
Eric goes through some of the basic things that go on early on in a Chapter 11. Through examples, you will see why it's important to get a lawyer who is familiar with Chapter 11 when you're business starts going south.
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.