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Chapter 11 Bankruptcy in Albany

When debt outstrips income, your business or personal finances can get into trouble. Fees and penalties accrue, and even well-managed businesses experience unforeseen downturns.

While individuals seeking a personal bankruptcy in Albany commonly file under Chapter 7 or Chapter 13, Chapter 11 of the United States Code provides a structure of debt relief to businesses seeking to reorganize their debt while working to keep their enterprise an ongoing concern.

Filing a Chapter 11 bankruptcy in Albany begins a complicated journey toward financial solvency that may take years. O'Connor, O'Connor, Bresee & First, PC is an established New York firm with 30 years experience with Chapter 11 in Albany. We can help you file bankruptcy and we will be there when the final decree is entered, successfully closing your case.

Moving forward with a Chapter 11

A business struggling to operate with overwhelming debt must seek relief.  We can skillfully assist you navigate the reorganization process of a Chapter 11 filing. Features of a Chapter 11 bankruptcy include:

  • Filing:  Like all bankruptcies, an Albany business bankruptcy under Chapter 11 begins with the filing of a petition.  Petitions for Chapter 11 can be filed by the debtor or creditors anxious to safeguard money owed them.  There is a cost of approximately $1,000 plus fees to file a Chapter 11 action in federal bankruptcy court.
  • Automatic stay:  An important feature of Chapter 11 in Albany is an automatic stay of actions pending against the debtor at the time of filing.  This automatic cessation of collection, foreclosure, or other legal actions provides time to evaluate financial problems and open negotiation with creditors.
  • Debtor in possession:  Unless a charge of incompetence is raised, Chapter 11 bankruptcy procedure allows the debtor in possession to continue to manage the day-to-day operations of their business.
  • Other players:  The complexity of a Chapter 11 filing requires the appointment of a trustee or bankruptcy administrator to monitor an approved reorganization plan.  An appointed committee of unsecured creditors also assists to supervise the actions of the debtor in possession.
  • Reorganization plan:  The debtor in possession may file a plan of debt reorganization within a specified period of time after filing, usually 120 days.  A final plan, acceptable to creditors, must be approved by the court.  Following confirmation, alterations to the plan can only be made when the court deems modifications are warranted.

Contact us for help with Albany Chapter 11 bankruptcy

If your business is grappling with overwhelming debt, we can help you reorient your balance sheet.  We have 30 years successful experience with bankruptcy procedure, litigation, and the development of Albany business work out plans.  Contact us or call toll free 518-465-0400 or 877-886-4029 for a free, informative consultation.