Serving Clients Throughout Tennessee and North Georgia
Chapter 11 bankruptcy is a reorganization plan, primarily for businesses, including corporations and partnerships. As opposed to a Chapter 7, which marks the end of the business, a Chapter 11 bankruptcy allows the business to continue running, while reorganizing the business in a way that is hopefully more profitable.
If you are a business owner considering filing for Chapter 11 bankruptcy, the business bankruptcy attorneys at the Law Office of W. Thomas Bible, Jr., are here to offer experienced legal guidance. We represent businesses and individuals from Chattanooga and throughout Tennessee and North Georgia.
Contact us today online or by telephone at 423-424-3116 to arrange a consultation with an experienced Chattanooga Chapter 11 bankruptcy attorney.
Chapter 11 Bankruptcy
In a Chapter 11 bankruptcy, the business continues operations and the debtor becomes what is known as a “debtor in possession,” meaning that he or she retains control over the business and its assets.
The debtor in possession has important rights and obligations in a Chapter 11 bankruptcy. The debtor in possession becomes the trustee of the bankruptcy estate, and is obligated to run the business in the best interests of the creditors.
The debtor in possession can make decisions unilaterally as long as those decisions are in the normal course of business. If a decision does not fall in the normal course of business, the debtor in possession must obtain permission from the bankruptcy court.
Thorough planning is a key element to a successful Chapter 11 bankruptcy. Our attorneys can work with you early in the process to help you position yourself to gain maximum advantage from filing for Chapter 11.