Chapter 11 Bankruptcy Attorney In Norman, Oklahoma

Chapter 11 Bankruptcy was made specifically with businesses in mind, and the laws in the Bankruptcy Code that apply to this process generally allow the business to remain operating before, during, and after the bankruptcy process.

While in Chapter 11 bankruptcy, the courts will appoint a trustee, who will help to formulate a debt reorganization plan that will help the business as well as get the creditors as much of the money that they are owed as possible. The trustee will also have some oversight of the business to ensure it is being run properly in regard to its finances.

When the courts approve and recognize a repayment plan, the small business will need to begin making the agreed-upon payments. In most cases, the plan will include a combination of some debt being discharged, and some debt being retained and put on a reasonable payment plan. The bankruptcy process can also allow the small business to terminate contracts or leases that are deemed to be overly burdensome to the business.