Chapter 11 Moore Business Bankruptcy Lawyer & Business Bankruptcy Law Firm

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

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

A bankruptcy case filed under Chapter 11 of the U.S. Bankruptcy Code will generally be filed by a Moore 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 Cleveland 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 Moore 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 Moore, Cleveland County, Oklahoma, area can provide invaluable financial support to businesses and provide guidance of when it might be time to seek the advice of a qualified Moore Chapter 11 bankruptcy attorney. Some Moore area financial professionals include:

Berks Accounting Bookkeeping & Tax Services
124 North Broadway Avenue, Moore, OK 73160
(405) 793-4040

Accurate Accounts Receivable
3624 South Service Road, Moore, OK 73160
(405) 735-2000

Polzien Cathy H CPA
6800 Camille Street, Oklahoma City, OK 73149
(405) 677-8299

Wooton Martha E CPA Inc
1145 West I 240 Service Road, Suite E100, Oklahoma City, OK 73139
(405) 631-2597

 

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

Contact a Moore 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 Moore Chapter 11 bankruptcy is much more complicated and requires the advice of a qualified Moore Bankruptcy Attorney.

Common types of creditors in Moore, Oklahoma, with whom a person may have very high debts that disqualify them filing a chapter 13 bankruptcy:

Banks and Mortgage Companies such as The First Bank (100 South Broadway Moore, Oklahoma 73160) and American Exchange Bank & Trust Company (36th And West Street Norman, Oklahoma 73070)

Car Dealers such as Eskridge Honda (1030 SW 74th Street, Oklahoma City, OK 73139 (405) 631-4444) and Hudiburg Nissan (200 East I 240 Service Road, Oklahoma City, OK 73149 -  (800) 917-6297)

Jewelry Stores such as Elegant Jewelers (7000 Crossroads Blvd. Suite 2027, Oklahoma City, OK 73149 - (405) 631-7124) and Zales Jewelers (7000 Crossroads Blvd., Oklahoma City, OK 73149 - (405) 631-7631)

The Basics of a Chapter 11 Moore Bankruptcy:

A qualified Moore 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 Moore and Cleveland County, Oklahoma (but they may vary depending on specific circumstances):

► The case begins when the petition is filed with the bankruptcy court. Cleveland County cases are filed with the Oklahoma Western Bankruptcy Court located in the Oklahoma City Courthouse, 215 Dean A. McGee Avenue, Oklahoma City, OK 73102.

► 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 Moore Bankruptcy Attorney will advise you on the effects of confirmation of your plan.

Contact a Moore Bankruptcy Attorney for advice and consultation about filing a Ch. 11 Cleveland County Bankruptcy.

Serving clients and residents in Moore Oklahoma as well as Clothier, Flynn, Valley Bro, Del City, Smith Village, Hall Park, Norman, Midway Village, Lillard Park, Oklahoma City, Newcastle, Midwest City, Franklin, Wheatland, Forest Park, Denver, Goldsby and Mustang, OK. Also serving Cleveland County.