Bankruptcy doesn’t have to be a painful process! Craft Law Office is home to bankruptcy attorney Leslie Craft. If you need assistance filing for bankruptcy in North Carolina, you can trust our law offices to handle your case with thoroughness and expertise in Greenville, Morehead City, and Rocky Mount, North Carolina. Because our firm primarily concentrates on bankruptcy and debt relief, you can trust that we are experienced and knowledgeable in handling all kinds of cases.
Filing for bankruptcy can be a scary process, but we’ve got you covered. It is important to understand the different kinds of bankruptcy that you may be able to file. Chapter 11 of the Bankruptcy Code provides for reorganization, which usually involves a corporation or partnership. A chapter 11 debtor typically comes up with a plan to keep their business alive and pay creditors over time. Individuals can also seek relief through chapter 11.
A chapter 11 case starts with a petition being filed with the bankruptcy court that serves the area of the debtor’s business or residence. These petitions may be voluntary or involuntary. The debtor must file schedules of assets and liabilities, a schedule of current income and expenditures, a schedule of contracts and unexpired leases, and a statement of financial affairs.
Courts are required to charge a $1,167 case filing fee and a $550 miscellaneous administrative fee. The debtor has a 120-day period during which they have an exclusive right to file a plan. A chapter 11 case may continue for years unless the court, the US trustee, the committee, or another party in interest acts to make sure the case is resolved in a timely manner.
Chapter 11 cases are typically very complicated, therefore they cost more than other chapters of bankruptcy. If a company filing for chapter 11 bankruptcy opts to propose a reorganization plan, it must be in the best interest of the creditors. If the debtor does not suggest a program, then the creditors are allowed to propose on instead.
We know that filing for bankruptcy can be stressful, expensive, and frustrating, but at Craft Law, we’re here to help. Contact us today!