Chapter 11 Bankruptcy

We help individuals and businesses restructure and get out debt

Filing Chapter 11 Bankruptcy

THE BUSINESS BANKRUPTCY LAW HAS CHANGED IN YOUR FAVOR!

If you are a small business owner undergoing financial hardship, you have probably thought of filing for a Chapter 11 bankruptcy, but the costs and hurdles involved might have swayed your decision otherwise. Before 2019, small businesses wanting to file a Chapter 11 bankruptcy had to go under the same hurdles as a large corporation such as Delta Airlines or General Motors.  Under the new law, plan confirmations for small business bankruptcies are much more efficient. Call us at 888-577-1482 to discuss your case.

If your Georgia sales tax certificate of registration has been revoked in the Atlanta area and the GDOR has rejected your installment agreement, Chapter 11 Bankruptcy may be your only option. A payment plan for unremitted sales tax is usually your only bite at the apple.  Once you default on your payment plan, it is completely within the GDOR’s discretion to allow you another chance.  This is usually based on your track record and credit history.  Your business can file Chapter 11 bankruptcy on sales tax owed to the GDOR. With the new law of sales tax evasion in Georgia, not paying back unremitted sales tax is a felony and punishable by time in prison. Bankruptcy should always be used as a last resort, when all other options of collecting money from family, friends, banks, and other commercial lenders has failed. Filing for Chapter 11 bankruptcy on sales tax owed to the GDOR provides the debtor with an automatic stay of protection. The business will incorporate all of its debt, not just sales tax, and propose an offer of payment to the U.S. Bankruptcy Trustee. Call our law firm to discuss your options to file a Chapter 11 bankruptcy.

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Documents Required for a Chapter 11 Bankruptcy

Chapter 11 Individual

  1. All monthly billing statements and collection agency correspondence and notices received within the prior ninety (90) days for all bills (mortgage, car, credit cards, bank loans, medical, student loans etc.) other than utilities (unless there is a utility bill default) and monthly billing statements for all corporate bills for which you have personal liability;
  2. A list of personal property and household furnishings (item by item) with a valuation for each item representing the current value of the item;
  3. Current account statements (bank, brokerage, financial, deferred compensation, pension, 401k, IRA, Education IRA or other account) for the prior 6 months;
  4. All current paycheck advice(s) or stub(s) and sources of income for the prior 6 months for yourself and your spouse, if any;
  5. All life insurance policy statement(s);
  6. Motor Vehicle, motorcycle, boat & other titles;
  7. All deeds showing ownership of your residence or any other real property;
  8. Copy of all appraisals of your residence or any other real property within last 2 years;
  9. Prior two (2) years Federal 1040 income tax returns and amended returns;
  10. Copy of any foreclosure suit, other lawsuit or legal proceedings filed or pending within last year;
  11. Copy of any personal injury suit, workmen’s compensation suit or itemization of claim against any third party;
  12. Copy of any current personal or real property lease(s);
  13. Information or itemization of any other personal property or real property not otherwise provided;
  14. List of any prior addresses in last two (2) years and dates of occupancy;
  15. List of payments totaling in excess of $600.00 to any single creditor within the prior 90 days and the date(s) and amount(s) of payment(s) made;
  16. Monthly family budget;
  17. Copy of your driver’s license and social security card; and,
  18. A Credit Counseling Certificate received from an approved credit counseling agency within the prior 180 days and a copy of the debt repayment plan, if any developed by the approved credit counseling agency for you. (hbcce.org)

Chapter 11 Entity

  1. All account payables, monthly billing statements and collection agency correspondence and notices received within the prior ninety (90) days for all payables (mortgage, car, credit cards, bank loans, trade credits, etc.);
  2. A list of property (item by item) with a valuation for each item representing the current value of the item;
  3. Current account statements (bank, brokerage, financial, pension, or other account) for the prior 6 months;
  4. All insurance policy statement(s);
  5. Motor Vehicle & other titles;
  6. Prior two (2) years Federal income tax returns and amended returns;
  7. Copy of all lawsuit or legal proceedings filed or pending within last year;
  8. Copy of any real property or personal lease(s), including equipment and service leases;
  9. Information or itemization of any other personal property or real property not otherwise provided;
  10. List of payments totaling in excess of $5,850.00 to any single creditor within the prior 90 days and the date(s) and amount(s) of payment(s) made;
  11. List of all payments to officers and insiders in the one year prior to filing;
  12. List of Accounts Receivable; and,
  13. 13. All financial statements issued in the last two years.

Contact us

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Mr. Ansari and his team come highly recommended by me.They took the time to go through every step of the process with me.At the end of it a came out with a better than expected outcome.Immaculate!

Gerald

I hired Mr. Ansari because of the fantastic reviews that I read about him and his law firm. During our first meeting he explained exactly how he would handle my case in a language I could understand. He was always available for questions, professional and knew exactly how to manage my case successfully.

Scott

Mansoor took my case and updated me every week. He is very quick and very easy to talk to. I felt very comfortable with him and for the first time in a long time I can sleep at night. I don't have any IRS problems and my credit score went up.

Mildred

Contact our Attorneys to Discuss your Chapter 11 Bankruptcy Options

Call (678) 400-4485