Specializing Attorneys: Craig P. Helgesen
Protection against creditors
The years 2008 and 2009 have seen some of the largest chapter 11 bankruptcy filings in history.
A chapter 11 bankruptcy filing allows a business to gain protection against creditors while the business raises operating funds. These funds are given a preference over other debts of the business.
Under protection of the automatic stay, the business, called a “debtor in possession,” proposes a reorganization plan and gains the agreement of creditors. Once the plan is confirmed, it is carried out and the business emerges from bankruptcy.
If your business is failing and you have a plan to save it, we will be happy to meet with you and discuss your options.