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Small Business Owner's Chapter 11 Reorganization Plan Rejected

An important step in filing for Chapter 11 bankruptcy is having your reorganization plan approved by a bankruptcy trustee, which did not happen in a case involving a small business this month.

After reviewing the plan drafted by the owners of a bar, the court-appointed trustee found more than twelve errors, forcing her to ask for a dismissal. The plan itself was fairly simple, wherein the owners proposed to pay $100 monthly, over three months, to take care of their debts and continue running the establishment. However, none of the objectors were satisfied with the plan, causing the trustee to take a closer look at the figures.

Whether or not the errors were due to inadvertence or deception, they were too great for the trustee to ignore. She added that the owners owed more than $1 million, which is the limit the law has set for this type of bankruptcy.

When you file for business bankruptcy, you will have to draft a reorganization plan and the success of your filing will depend upon the logistics included in that plan. For this reason, you should consider working with a Chicago bankruptcy lawyer that has helped other businesses with their reorganization agreements as you'll want your plan to be approved. Contact Bizar & Doyle, LLC to enlist our legal services during your business bankruptcy case.
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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100