Orange County, CA (PRWEB) August 10, 2012
A Chapter 11 bankruptcy in California is considered to be a rehabilitative reorganization procedure used by businesses including sole proprietors, partnerships, and corporations. The term “rehabilitative” refers to the design of the bankruptcy filing, which is meant to restore the business owner’s capacity to pay off certain debts while having others discharged. Due to the complex nature of a Chapter 11 bankruptcy filing, the process should never be attempted without the counsel of a qualified Orange County bankruptcy attorney to navigate the course of the bankruptcy laws and ultimately get the best outcome possible in relation to the specific circumstances of the company that is filing. The bankruptcy attorneys of Zhou and Chini have placed numerous ad campaigns offering businesses that chance to speak with them for free about each person’s particular situation. To find out more about filing chapter 11 bankruptcy in Orange County visit the law firm’s site, http://bankruptcyattorneyorangecounty.org/
The business owner who files for a Chapter 11 bankruptcy includes a petition listing assets, liabilities, and detailed financial statements. As part of the rehabilitative process, filers will usually act as their own trustee, known as a “debtor in possession”, and stay in possession of the property credited to the business after the bankruptcy is completed. Under certain circumstances, the bankruptcy court can appoint an outside trustee for reasons of mismanagement, fraud, and/or misrepresentation of the company’s financial standing. Additionally, in complex cases where the court determines that closer scrutiny is required, a bankruptcy court appointed trustee can be assigned to take over operations of the corporation and/or debtor’s assets. In a somewhat less invasive step, the court can also appoint an independent “examiner” whose job it is to oversee the corporation’s day to day activities during the Chapter 11 bankruptcy workout process. It is best to speak with a experienced bankruptcy lawyer if someone is considering filing for chapter 11.
As the bankruptcy process begins, a trustee for the court is assigned to analyze the list of assets and liabilities to determine which debts will be paid in full and which ones will be paid off in part or discharged. Debts which are typically paid in full, according to California bankruptcy law, include alimony, child support, taxes, fines and government loans. The trustee then balances assets and liabilities and creates a repayment plan for submission to the bankruptcy court. An approval of the plan by the court results in an order listing which debts will be discharged and which debts will be honored. During the period between the submission of the trustee’s petition and the final court approval of the Chapter 11 bankruptcy filing, all creditors must stop any attempts to collect the debt owed to them. Creditors are, however, able to dispute aspects of the plan which can result in the necessity of working out new terms between the debtor, the bankruptcy court trustee, and the creditor.
The bankruptcy attorneys have been using internet marketing through SEO professionals to promote the message about the importance of speaking with an experienced bankruptcy attorney in Orange County, if someone is considering filing chapter 11 bankruptcy. The firm continues its online presence by offering zero cost California bankruptcy information on the bankruptcy firm’s blog and social media pages. This information along with free consultations the firm hopes to help more homeowners learn about chapter 11 bankruptcy and what options they may have. To read more on the bankruptcy firm’s Orange County Facebook page visit http://www.facebook.com/BankruptcyAttorneyOrangeCounty
About the Firm: The Law Office of Zhou & Chini servicing the cities and counties of California. He is a graduate of UCLA and has been practicing law since 1999. Mr. Zhou has a wealth of experience in bankruptcy, civil litigation, family law, criminal law and unlawful detainers. Zhou and Chini Law Offices provide bankruptcy assistance to Temecula, Los Angeles, Riverside and San Diego residents. For more information about the bankruptcy law firm please call the toll free, 888-901-3440