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Bankruptcy, New Jersey
Filing Chapter 11 Bankruptcy in New Jersey
Uploaded on: Jun 22, 2022
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Duration: 2.5 Min

Video Description

Now is not an easy time to run a business. The pandemic has badly hurt small businesses across America, and many have understandably fallen behind on their debts as a result. Fortunately, Chapter 11 bankruptcy creates a mechanism that businesses can use to restructure and establish a payment plan while they continue to operate.

WHAT IS CHAPTER 11?

Chapter 11 is a bankruptcy proceeding that allows a business to establish a repayment plan for its debts without liquidating its assets and without the owner losing control of the business. Under Chapter 11, the business’s creditors are subject to an automatic stay on collections while the business establishes a repayment plan.

Any business filing for Chapter 11 in New Jersey must pay a filing fee; undergo credit counseling to develop a repayment plan; file a disclosure form listing assets, liabilities, and its business plan; and propose a repayment plan. Once the business has proposed a repayment plan, creditors are allowed to analyze it and propose their own plans.

WHAT ARE THE MAIN DIFFICULTIES IN A CHAPTER 11 BANKRUPTCY?

First, the business’s disclosure statement must be accurate. The disclosure statement must describe the nature of the business as well as include a detailed financial analysis of assets, liabilities, the potential effects of liquidation, and the possibility of repaying debts under a payment plan. A proceeding can be dismissed if the disclosure is inadequate, so it’s important to have an experienced attorney help you prepare it.

Second, the repayment plan must be feasible, proposed in good faith, and be in accordance with the bankruptcy code. Feasibility means the business must be able to make the payments. Good faith means the plan can’t rely on illegal activity. Finally, the plan must pay creditors back fully before equity holders receive anything. The plan must also show that the creditors will receive at least as much as they would if the business were liquidated, and at least one creditor who will receive less than fully owed must approve the plan.

If you’re considering Chapter 11 bankruptcy for your business, contact Rosenblum Law for a free consultation today. Our experienced attorneys can help you decide if Chapter 11 is the best option for you, and if it is, they can make sure the process goes as smoothly as possible, so that you can get your life back on track.

Why Choose Rosenblum Law?

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