Gold, Lange & Majoros, P.C.
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Gold, Lange & Majoros, P.C.
24901 Northwestern Highway, Suite 444
Southfield, Michigan 48075
Telephone: 248-350-8220
Fax: 248-350-0519
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Chapter 11
Chapter 11
Chapter 11 works for businesses similarly to Chapter 13 for individuals. One of the main differences is that the business owner or president becomes the trustee in a Chapter 11, called the "debtor in possession". This carries with it many responsibilities and duties to maintain the business for the benefit of creditors. Also, in a Chapter 11, the United States Trustee is intimately involved in the operation of the business until the case is complete. The bankruptcy court takes debtor in possession fiduciary responsibilites very seriously. Chapter 11 is a major commitment on the part of the business owner or president, and the attorney involved. We have several attorneys specializing in Chapter 11 that can explore the complexities of Chapter 11 with your business.