DEBTOR IN POSSESSION ATTORNEY SERVING LOS ANGELES & ORANGE COUNTY, CA
One of the advantages of filing Chapter 11 bankruptcy is that you continue to be in charge of your business and your assets as what is known as a “debtor in possession.” In effect, you serve as your own bankruptcy trustee.
At the Orantes Law Firm, in Los Angeles, attorney Giovanni Orantes is dedicated to helping business owners throughout Southern California obtain debt relief and protection from creditors. We offer a free initial consultation to look at the challenges you face and give you honest answers about Chapter 11 bankruptcy and your responsibilities as a debtor in possession.
IN EXCHANGE FOR CONTROL, YOU MUST BE TRANSPARENT
There is no trustee in a Chapter 11 bankruptcy filing. As the debtor, you will continue to operate the business and remain in possession of your secured property while you reorganize your business. In exchange for control, you have to be transparent and report all income that comes in and goes out of your business to the bankruptcy court.
As the debtor in possession, you have a high level of responsibility to the court and your creditors. If the court finds that you have committed wrongdoing such as fraud or wasting of assets, or you are not doing what you are supposed to do, the court can appoint a trustee to run your business, dismiss your bankruptcy petition or convert your bankruptcy filing to a Chapter 7.
As your lawyer, Giovanni Orantes will advise you on your responsibilities throughout your Chapter 11 bankruptcy reorganization.