Responsive Chapter 11 Bankruptcy Attorneys in Southwest Riverside County
Skilled legal representation for California businesses in debt
For a struggling business in debt, sometimes bankruptcy is the best option. In Chapter 11 bankruptcy, you have the opportunity to reorganize your debt while you continue to run your company. California bankruptcy laws can be complicated, which is why it is important to be represented by a hard-working and experienced lawyer. At Rosenstein & Associates, we have been providing high-quality representation to Riverside County businesses since 1999. Over our years of service, we have gained a reputation in the community for our highly responsive service and affordable fees. Although we are a small firm, we have the experience and resources of a larger one. We are able to help your business meet its legal needs by developing unique solutions tailored to your individual goals.
What is the Chapter 11 bankruptcy process?
Chapter 11 bankruptcy is primarily utilized by corporations, but may be an option for small businesses as well. In this type of bankruptcy, the business has the opportunity to restructure while working on a plan to become profitable. The process for Chapter 11 bankruptcy is as follows:
- Filing a petition. Either the business owner or the creditor files a petition for bankruptcy. If the creditor files, it is called an involuntary petition. Once the petition is filed, the creditors may not attempt to collect any unpaid debts, giving you an opportunity to form a reorganization plan. Your business can continue its operations while the bankruptcy court decides whether or not to approve the petition.
- Proposing a reorganization plan. The point of filing for Chapter 11 is to make your business profitable. By creating a reorganization plan, you can show your creditors how you are going to repay some of your debts and increase your profits. The creditors will vote on your plan and the court will approve or deny it.
- Confirmation and debt discharge. Once the court approves your petition and reorganization plan, the court will confirm it. All debts that were due before the confirmation date will be discharged. You must follow the terms of your agreement with the creditors and the reorganization plan.
Chapter 11 bankruptcy is a good option for businesses in complicated financial situations. The experienced and dedicated attorneys at our firm can explain the best bankruptcy options for you, and then guide you through the process.
Contact a Temecula Chapter 11 bankruptcy attorney today
If your California business is facing debt, get help from Rosenstein & Associates. Call today at 951.296.3888 or contact us online to schedule a free initial consultation with one of our Chapter 11 bankruptcy lawyers. From our office in Temecula, we represent clients throughout southwest Riverside County.