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Chapter 11 Las Cruces Business Bankruptcy Lawyer & Business Bankruptcy Law Firm

Business, large and small, may file for ch. 11 bankruptcy in Las Cruces, NM, which is a reorganization of debt and repayment plan.

What is a Chapter 11 Business Bankruptcy? Who would file a Chapter 11 bankruptcy in Las Cruces?

A bankruptcy case filed under Chapter 11 of the U.S. Bankruptcy Code will generally be filed by a Las Cruces area business, although this chapter is also available to individuals. While a business may choose to file a Chapter 7 bankruptcy (liquidation), it may not file a Chapter 13 bankruptcy (reorganization) because these are reserved for individuals. But it is very common for a business to want to reorganize its debts and stay in business rather than filing a Chapter 7 and liquidating all of its assets. Chapter 11 bankruptcies are available to Dona Ana County businesses for this purpose (i.e., staying in business and restructuring the company's debts). Whether you are a small business or a large business, debt can beome overriding.

There are some famous Chapter 11 bankruptcy cases filed by some high profile companies: Lehman Brothers in 2008 (during the Wall Street collapse); Washington Mutual Bank which was quickly acquired by Chase Bank; and the Enron bankruptcy which brought to light unlawful accounting practices. It doesn't take unlawful accounting practices to get a business, even a small business, into trouble ... the current economy combined with poor bookkeeping and/or lack of financial planning can cause problems and conceal a looming financial crisis for Las Cruces businesses.

A business does not have to be completely insolvent before it is allowed to file a Chapter 11 bankruptcy case. Accountants and bookkeepers in the Las Cruces, Dona Ana County, New Mexico, area can provide invaluable financial support to businesses and provide guidance of when it might be time to seek the advice of a qualified Las Cruces Chapter 11 bankruptcy attorney. Some Las Cruces area financial professionals include:

Accountemps
500 S Main Street, Las Cruces, NM 88001
(575) 527-4420

Aguilar Accounting Inc
121 Wyatt Drive, Las Cruces, NM 88005
(575) 527-0146
 

Cooper Denise S
1155 Commerce Drive, Las Cruces, NM 88011
(575) 524-1040

Cornelius William
1205 E Boutz Road, Las Cruces, NM 88001
(575) 521-1131

 

Chapter 11 bankruptcies may also be filed by individuals in Las Cruces and Dona Ana County (an individual may be an unmarried person, a married person filing alone, or a married couple).

Contact a Las Cruces bankruptcy lawyer for advice and assistance with your ch. 11 bankruptcy questions.The main reason an individual or married couple would want to file a Ch. 11 bankruptcy instead of a Ch. 13 case is because their debts may exceed the limits allowed in chapter 13 bankruptcy cases. Although similar to ch.13, a Las Cruces Chapter 11 bankruptcy is much more complicated and requires the advice of a qualified Las Cruces Bankruptcy Attorney.

Common types of creditors in Las Cruces, New Mexico, with whom a person may have very high debts that disqualify them filing a chapter 13 bankruptcy:

Banks and Mortgage Companies such as Bank of the Rio Grande, National Association (421 North Water, Las Cruces, NM 88001) and Citizens Bank of Las Cruces (505 S. Main Street, Las Cruces, NM 88001).

Car Dealers such as Cars Plus  (504 E Lohman Avenue, Las Cruces, NM 88001) and Classic Auto (1505 W Amador Avenue, Las Cruces, NM 88005).

Jewelry Stores such as Kay Jewelers (700 S Telshor Boulevard, Las Cruces, NM 88011) and Matteo Jewelery By Design (2410 Calle De San Albino, Mesilla, NM 88046).

The Basics of a Chapter 11 Las Cruces Bankruptcy:

A qualified Las Cruces Bankruptcy Law Firm will have the expertise to guide their clients through the Chapter 11 bankruptcy process. Here are the common steps for Chapter 11 cases filed in Las Cruces and Dona Ana County, New Mexico (but they may vary depending on specific circumstances):

► The case begins when the petition is filed with the bankruptcy court. Dona Ana County cases are filed with the New Mexico Bankruptcy Court located in the Sen. Dennis Chavez Federal Building, 500 Gold Avenue Sw 10th Floor, Albuquerque, NM 87102.

► The filing fee of $1,000 and administrative fee of $39 are paid.

► Upon filing of the petition and pursuant to Section 1107 of the bankruptcy code, the debtor assumes the responsibilities normally assigned to a trustee (as in a Chapter 7 or Chapter 11 case) and is known as "debtor in possession." This means the debtor may continue to operate the business, including paying employees.

► The debtor in possession also has the responsibility of filing monthly operating reports with the Court and the U.S. Trustee, filing and paying taxes, and creating a plan for reorganization.

► Although the debtor is given the authority to continue to operate the business in the ordinary course of business, the debtor is expected to do so in a manner in the best interest of all concerned. The interest of the creditors is protected by the formation of various creditor committees. These committees will have much influence on the reorganization plan being developed by the debtor in possession.

► A plan is proposed, a confirmation hearing is held, and eventually a plan will be confirmed.

► The plan is implemented.

► Confirmation of the plan can also mean discharge of debts incurred prior to confirmation, but there are many variables including whether the debtor is an individual or a business. Your Las Cruces Bankruptcy Attorney will advise you on the effects of confirmation of your plan.

Contact a Las Cruces Bankruptcy Attorney for advice and consultation about filing a Ch. 11 Dona Ana County Bankruptcy.

Serving clients throughout Southern New Mexico, including Alamogordo, Canutillo, Deming, El Paso, Las Cruces, Lordsburg, Prado Verde, Santa Teresa, Silver City, Socorro, Sunland Park, Truth Or Consequences, areas in the vicinity of Las Cruces International Airport, and other communities in Dona Ana County.