What will happen to my business if it enters bankruptcy

1. What Will Happen to My Business If It Enters Bankruptcy? This will depend on the unique circumstances of your businesses’ finances as well as your own personal goals as a business owner. Most businesses enter Chapter 11 bankruptcy with an eye to rehabilitating their finances by restructuring debts and assets. In many cases, businesses emerge in a stronger financial condition than before declaring bankruptcy.

2. You can expect the following during a Chapter 11 business bankruptcy: A voluntary petition will be filed with the court to initiate a Chapter 11 bankruptcy case • A schedule of assets and liabilities as well as a statement of financial affairs will be filed as part of the Chapter 11 filing • You will remain in possession and control of the business property and operations while developing a plan to restructure and pay your business’ debts; this may include one or more sales of excess assets, or spinning out a division of the company • A committee of creditors may be appointed to represent the interests of general creditors during the case • If the process is successful, your business will emerge from bankruptcy with a plan in place to pay off its creditors over time while you continue to operate your business under its new structure • Contact Details STEINHIL BERSWANSON LLP MADISON OFFICE 122 W. Washington Suite 850 Mdison, WI 53703 866-404-1532 122 W. Washington Suite 850 608 Madison, WI 53703 Call US - 414-269-8500 Email Address - infosteinhilberswanson.com OSHKOSH OFFICE 107 Church Avenue Oshkosh, WI 54901 MILWAUKEE OFFICE 759 N Milwaukee Street Suite 305 Milwaukee, WI 53202