What are the Documentation Requirements to Petition for Chapter 11 Business Bankruptcy?
The documentation requirements for filing Chapter 11 business bankruptcy are as complex as the mountains of paperwork needed to run a business. However, the trustee needs detailed information to determine if your repayment plans are likely to succeed. Businesses need support from highly experienced attorneys to meet all court requirements and move toward a full bankruptcy discharge so they can continue business operations with a clean slate.
The United States Department of Justice provides detailed Requirements for Chapter 11 Debtors in Possession that Los Angeles businesses must follow when filing for Chapter 11 reorganization. Within seven days of the petition date, the debtor must produce a 7 Day Package comprised of an extensive list of detailed documentation identifying:
- Real property
- Bank accounts
- Insurance coverage
- Business certification and licenses
- Projected cash flow
Depending on the complexity of a business, attorneys may need to work with their clients for many months before actually filing the bankruptcy petition.
In many ways, the reorganization plan represents the heart of a business bankruptcy filing for Chapter 11 in LA. However, unless the trustee knows as much about your business as you do, he or she cannot project the likelihood for success of the reorganization plan. Business owners and their attorneys need to prepare detailed documentation preparation to help ensure a successful filing.
The Law Offices of Michael Jay Berger has represented debtors in more than 100 Chapter 11 bankruptcy cases. The firm has the dedication to detail needed to do the necessary advance preparation and help guide business clients to address their debt concerns and continue business operations into the future.
