Chapter 11 bankruptcy may be able to provide some relief for businesses in the Milwaukee, Wisconsin, area that are struggling with financial issues. Chapter 11 bankruptcy is often referred to as a reorganization of debts. While it is possible for small businesses or even individuals to file for Chapter 11 bankruptcy, it is primarily used by larger businesses in need of debt relief.
A business may file for Chapter 11 bankruptcy by petitioning the bankruptcy court. There is both a filing fee and an administrative fee, which are paid at the time of filing. Failure to pay the fee can result in dismissal of the case. Along with the petition, debtors are required to file a list detailing income versus expenses, a list of assets and liabilities, a list of unexpired leases and contracts, and a financial affairs statement. Additionally, the debtor shall file a written disclosure statement, a plan of reorganization and a request for relief from the court. If the reorganization plan is not available at the time of filing, the debtor can instead submit an intention to file a plan of reorganization.