Posted By Jen LynchBy Reuters News Service, April 2nd 2009
What you can expect when filing bankruptcy depends, in part, on what type of bankruptcy your company files. Here is an overview of what to expect under the three chapters available to businesses. The first step in each case is to consult with an experienced bankruptcy attorney. Complete the intake questionnaire and provide it to your attorney at (or better yet, prior to) your initial consultation, along with all relevant documents.
If you and your bankruptcy attorney decide that filing a bankruptcy is the best alternative for your company, your attorney will request that you complete some worksheets. Your attorney will used the worksheets, along with the other information you have provided, to complete the bankruptcy petition and schedules. When the schedules are complete, your attorney will have you review and sign them. Your attorney will then file the documents with the appropriate bankruptcy court. When the petition is filed, the automatic stay goes into effect immediately. That means that collection activities by your company's creditors must stop. The filing of a bankruptcy case creates an "estate" consisting of all of the debtor's nonexempt property.
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