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Bankruptcy
Chapter 11
HLA provides representation for both commercial and personal bankruptcies.
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Chapter 11 is reorganization, as opposed to liquidation. This
type of bankruptcy is typically utilized by businesses and high
net worth individuals. The idea is to create a sustainable plan
for repayment of debts. Upon confirmation, the plan becomes
binding and identifies the treatment of debts and operations of
the business for duration of the plan.
Debtors in Chapter 11 have the exclusive right to propose a plan
of reorganization for a period of time (in most cases 120 days).
After that, creditors may also propose plans. Plans must satisfy
a number of criteria in order to be "confirmed" by the
bankruptcy court. Among other things, creditors must vote to
approve the plan of reorganization. If a plan cannot be
confirmed, the court may either convert the case to a
liquidation under Chapter 7, or, if
in the best interests of the creditors and the estate, the case
may be dismissed.
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| Quick Facts |
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Understand your rights
under the bankruptcy
code.
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Discuss your
circumstances with an
HLA attorney to
determine the
alternative that's right
for you.
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