At Godbey and Associates, we understand businesses are going through some difficult times during the economic recession. We are committed to helping your business find the path back to financial success. In some cases, you may want to consider filing a Chapter 11 bankruptcy.
What is a Chapter 11?
Chapter 11 Bankruptcy is available to businesses, not consumers. It is not a liquidation or closing up of your business. It is a way to keep operating. Chapter 11 allows you to consolidate debts, possibly eliminate some, but keep all assets and continue to operate your business. This process allows you to get back on your feet, eventually coming out of bankruptcy to operate on your own, but in a more profitable matter.
Is Chapter 11 right for my business?
To determine if a Chapter 11 is right for your business, you should consider a number of factors, including the amount of your gross receipts versus expenses, how much debt you have, both secured and unsecured, etc. After considering these factors, you should discuss all options with an experienced business bankruptcy attorney. Many companies, including Federated (Macy’s), Eagle Pitcher, and Delta Airlines, to name a few, have filed Chapter 11 Bankruptcy and come through to operate better than ever.
The Chapter 11 Process
If you decide that a Chapter 11 is the best option for your company, Godbey and Associates will begin to work with you to identify all of the key issues in a Chapter 11 filing. These issues include taking the steps necessary to restore financial stability to your business:
- protect the interests of ownership and the business assets
- anticipate the creditors’ desires
- anticipate potential objections on the part of creditors.
After identifying these issues, we will work with you to develop the two key components of your Chapter 11 filing—the Chapter 11 Petition and the Chapter 11 Reorganization Plan.
The Chapter 11 Petition
Once your petition is filed, we will work with the creditors and the Court to develop a Chapter 11 Plan that not only meets the needs of your creditors but also meets the needs of your financial reorganization. These negotiations will allow your company to reduce the outstanding obligations and obtain better terms on your debts.
After you have filed
Even after your plan is confirmed, Godbey and Associates will work hand in hand with your business by assisting you with the preparation and filing of the monthly reports that the Court requires. We will also provide continued advice as to the implications of any contemplated transactions and asset transfers your business will have.
Godbey and Associates has helped eased the financial burdens of many businesses in the Southwest Ohio and Northern Kentucky areas. Our goal as your representative will be to restore your business to a position of financial stability, while protecting your interests and assets to the greatest extent possible.
To schedule your free consultation, please call us today: 513-241-6650.
