Chapter 11 Reorganization In Shreveport
Chapter 11 is designed for reorganization of a business but is also available to consumer debtors. Its provisions are quite complicated and any decision by an individual to file a Chapter 11 petition should be reviewed with an attorney.
What is the process for filing Chapter 11? Either the debtor or its creditors may file a petition for Chapter 11 bankruptcy protection, the latter route referred to as an involuntary petition. Once the petition is filed with the U.S. Bankruptcy Court, the case begins and an automatic stay of all collections actions is put into effect. What does this mean? Essentially, creditors may not pursue existing or new collection activities for unpaid debts unless the court issues a modification to the stay. This provides an opportunity for the debtor to draft a reorganization plan and negotiate more feasible repayment terms without worrying about its debt obligations.
After the petition is filed, the business (or, in other circumstances, the consumer) continues about its affairs without interruption. Meanwhile, under the supervision of the bankruptcy court, the debtor turns its attention to figuring out a repayment plan for its creditors. As with other types of bankruptcy, repayment amounts typically are much lower than the original debt totals. Throughout the duration of the case, the debtor may review its creditors’ claims and make objections where it makes sense. Monthly operating reports filed by the debtor keep the court apprised of its progress.
“We Are A Debt Relief Agency, We Help People File For Bankruptcy Relief Under The Bankruptcy Code.”
There are benefits and detriments to any bankruptcy, and you should seek professional counseling before filing a bankruptcy. Ralph Scott Bowie is a board-certified consumer bankruptcy attorney and a board-certified business bankruptcy attorney, certified by both the American Board of Certification and the Louisiana Bar Association Board of Legal Specialization. When you are considering hiring a bankruptcy attorney in Shreveport, you have a right to know which attorneys have met the stringent standards for certification as an attorney. Why settle for anything less? Call us in Shreveport at 318-221-0600, or if you are out of town call us on our toll free number 1-800-256-9470 for an initial free consultation to discuss options in bankruptcy to resolve your problems.
Ralph Scott Bowie Jr.,
…referred to as Scott by family and friends, was admitted to bar, 1983, Louisiana 1984, U.S. District Court, Western District of Louisiana; 1989, U.S. Court of Appeals, Fifth Circuit. Education: Louisiana Tech University (BS, Chemical Engineering, cum laude, 1973); University of West Florida (MBA, 1978; B.A. Accounting, 1980); Louisiana State University at Baton Rouge (Juris Doctorate 1983). Member of engineering honorary societies of Tau Beta Pi and Omega Chi Epsilon. Licensed Professional Chemical Engineer, Louisiana, 1978. US. Bankruptcy Trustee for Chapter 12 Filings, Shreveport Division, 1987 to 1992. Served as a Member of Bankruptcy Rules Committee in 1988, Western District of Louisiana. Member Shreveport Bar Associations and Louisiana State Bar Associations; American Bar Association; American Bankruptcy Institute; American Institute of Chemical Engineers. Scott is a partner in the law firm of Bowie & Beresko, APLC in Shreveport, Louisiana, and practices in the areas of bankruptcy, insolvency, commercial law, corporate law, banking law, environmental law and personal injury.
Before law school, Scott worked seven years as a process chemical engineer in the manufacturing of nylon at Monsanto Chemical Corporation in Pensacola, Florida. Scott resigned his job as a senior process engineer with Monsanto Chemical Company to attend law school at Louisiana State University in Baton Rouge, Louisiana. Scott maintains his license as a professional chemical engineer and occasionally has the opportunity to work on chemical engineering projects.
- American Board of Certification
- Louisiana Board of Legal Specialization