Bankruptcy Attorney is Needed to Defend a Chapter 11 Bankruptcy Filing
Depending on who’s filing bankruptcy attorneys can’t be your friend or foe. In a business or corporate bankruptcy, lawyers play important roles on both sides of the Chapter 11 bankruptcy cases. The debtor and creditor are equally entitled to expert legal representation. Each party comes to the table with specific goals and objectives and it’s up to the bankruptcy attorney on each side to persuade the judge and plead the client’s case. In a Chapter 11 bankruptcy petition, the debtor attorney’s main goal is to protect debtor assets. On the creditor’s side, their attorneys seek to get his many secured and unsecured claims paid as possible. Chapter 11 Bankruptcy, or business reorganization, requires the debtor in possession to submit to the court a viable plan to restructure their company management for greater profitability. The plan has to be approved by the creditors, who have the right to reject the proposed restructuring and engage in adversarial proceedings. The bankruptcy attorneys are there to present, contest and advocate the opposing views of the debtors and all the creditors.
The bankruptcy filing court is much like a wrestling arena the debtor is on one side and the creditor is on the other side. Depending on the company, the stakes may be very high. On one side, the debtors entire business is on the line and on the other the creditors want to be paid all the money they are owed. The attorneys have to know all the tricks of the trade to get the most for their clients.
