While often more expensive, Chapter 11 has a fast track option.
A Chapter 11 proceeding is one in which the debtor generally retains possession of the assets of the estate and tries to reorganize the business. Chapter 11 is sometimes called the “Cadillac” of bankruptcies and is usually more expensive and time-consuming than other types of bankruptcies. The debtor proposes a plan through which the debtor plans to pay creditors and return the business to profitability. Creditors are then given the opportunity to vote on the acceptability of the plan. This white paper reviews the requirements a debtor must satisfy before the Court will approve a plan of reorganization, and discusses how debtors also have great flexibility in what they can do to modify their debt obligations and in how and how long they take to repay creditors.
Agenda
Faculty
Michael R. King
Gammage & Burnham, PLC
- Founding member of Gammage & Burnham, PLC
- Practice emphasizes creditors’ rights and construction issues, and also includes consulting and supervising throughout the firm’s areas of business
- Includes emphasis on creditors’ rights, bankruptcy cases, general litigation, loan documentation, workouts, foreclosures and forcible detainers, as well as deficiency collection and accounts collection
- Client list includes banks, mortgage companies, distributors in various industries and leasing companies
- Former director of the Arizona Chapter of the National Association of Credit Managers (NACM)
- Named Best Lawyer in the areas of bankruptcy and creditor debtor rights for the last 10 years by Best Lawyers in America
- Ranked as a Super Lawyer by Super Lawyers
- Ranked as one of Arizona’s Finest Lawyers by Arizona’s Finest Lawyers Foundation
- Can be contacted at https://www.gblaw.com/professional/michael-r-king/
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