Chapter 9 of the bankruptcy Code is intended for reorganization of municipalities including cities, towns, villages, countries, taxing districts, municipal utilities and school districts. It also includes revenue-producing bodies such as highway, bridge and gas authorities.
There have been fewer than 500 municipal bankruptcy petitions filed during the last 60+ years.
Although similar to other chapters, Chapter 9 is significantly different in that there is NO provision for liquidation of the municipality assets or distribution of the proceeds to creditors.
Only a municipality may file for relief under Chapter 9. The term “municipality” is defined in the Bankruptcy Code as a political subdivision or public agency or instrumentality of a State.
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If your business is frequently dealing with collection agencies, lawsuits, eviction notices or property foreclosure, it may be time to consider filing Chapter 11 Bankruptcy.
While filing Chapter 11 bankruptcy, your attorney will assist you in formulating a Plan of Reorganization to keep your business alive while paying creditors over time.
Chapter 11 benefits often include:
As with the other bankruptcy chapters, once filed all creditor harassment must stop immediately as you continue to operate your business under court supervision.
Not every business will qualify for a chapter 11 bankruptcy filing. To qualify, your business must fit the following criteria.
The help of a skilled Chapter 11 attorney is essential to make this process flow smoothly. With decades of experience assisting clients with filing Chapter 11 bankruptcy, Hinkle attorneys have the knowledge, skills and resources you need to navigate through these troubled times.
Call (555) 555-5555 today to schedule your free consultation