Filing for Chapter 11 Bankruptcy in Alabama
Huntsville Injury Attorneys | Crumbley, Blackwell, Wisda & Associates, P.C.
Also known as business bankruptcy, Chapter 11 is a reorganization of debts that allows corporations, partnerships, and other types of businesses to get back on track financially while retaining control of their company. Creditors are not allowed to collect while a business is undergoing the Chapter 11 Bankruptcy process in Alabama.
If your business is looking for debt relief, Chapter 11 could be the best option for you. At Crumbley, Blackwell, Wisda & Associates, P.C. our team of experienced bankruptcy attorneys have assisted numerous clients through the bankruptcy process and repaired their credit. We offer free case evaluations so that you can discuss your case with us and learn more about how we can help you.
How a Business Files for Bankruptcy in North Alabama
To begin the Chapter 11 bankruptcy filing process, the owner(s) of the business must file a petition in court, which will initiate the automatic stay. The owner will then develop a plan regarding how debts will be paid back, according to the debts with the highest priority.
All of your creditors will have a chance to review the plan and vote on it, before it is advanced to court. Once approved, the court will hold a hearing to officially confirm the plan. After the plan is completed a few years later, the remaining debts will be officially discharged.
Adjusted Requirements for Small Businesses
If you are the owner of a small business that holds less than $2,490,925 in debt, then you may be eligible for a faster bankruptcy process. Here are the provisions:
- No creditor's committee
- Longer period to develop a plan
- No disclosure statement
In exchange for these provisions, there is more trustee oversight and additional requirements for filing and reporting certain financial documents. Speak with a bankruptcy lawyer from Crumbley, Blackwell, Wisda & Associates, P.C. to find out how you can take advantage of small business bankruptcy. We offer free consultations for all bankruptcy related cases, contact us today.
Call Our Bankruptcy Lawyers to Schedule a Free Consultation
At Crumbley, Blackwell, Wisda & Associates, P.C. we have a number of qualifications that set us apart from other bankruptcy firms in Huntsville, Madison, Decatur, and surrounding communities in North Alabama.
- We have nearly 50 years of combined experience
- We have earned a Superb 10.0 rating from Avvo®
- We have been awarded the 2016 Clients Choice Award from Avvo®
- We have earned inclusion in the "Top 100" National Trial Lawyers
- Martindale-Hubbell® has awarded us the Client Distinction Award
- We have earned the Martindale-Hubbell® Rating of AV Preeminent®
Take advantage of our superior service and experience. Contact us today at (256) 539-4464 or complete an online case evaluation form to receive your free consultation with our experienced Bankruptcy Attorneys!