New Iberia Chapter 11 Lawyer

Chapter 11 Attorney in New Iberia, LA

Businesses that face financial hardship and debt that they can’t recover from may have the option to file for bankruptcy. Chapter 11 bankruptcy is one option that allows businesses/owners to continue to operate their business while restructuring their debts for easier management and repayment. However, this restructuring also takes time and effort. It is very helpful to have the support of a New Iberia Chapter 11 lawyer when navigating these complex cases.

Navigate Bankruptcy With a Reliable Legal Team

Businesses of all sizes can use Chapter 11 bankruptcy to restructure their debts, create a reasonable repayment plan, and limit the effect debt has on the business. The team at Wiley & Jowers can help you determine your options for debt settlement and consider the benefits and drawbacks of a Chapter 11 case filing. We understand the mental and financial strain of substantial debts and want to help you find a way out.

Our team has more than 15 years of experience in bankruptcy cases, and we have helped many individuals and businesses successfully find solutions. We have a record of success in bankruptcy cases and always treat every case with unique care and dedication.

These Chapter 11 cases may be handled by the 16th Judicial District Court, which serves Iberia Parish. The Iberia Courthouse can be found at 300 Iberia Street . Our firm has professional experience in local courts throughout the 16th Judicial District. We offer dependable, punctual, and exceptional legal representation.

What Is Chapter 11 Bankruptcy?

Businesses that are in debt may be able to file a Chapter 11 bankruptcy, which allows them to reorganize and restructure their debts through a repayment plan. This reorganization payment plan is proposed to the affected creditors, who then vote on the plan. Creditors are also given a disclosure statement. Depending on the results of the vote, the court may confirm the restructuring plan. This is done at the beginning of the bankruptcy process.

When you successfully secure a Chapter 11 bankruptcy, you are usually still considered in possession, can operate your business, and act with the abilities and responsibilities of a trustee. You may even be able to secure new funds with court approval. A Chapter 11 helps your business get a new start.

From March 2024 to March 2025, there were 8,844 filings for Chapter 11 bankruptcy in the U.S., and 39 of those were filed in the Western District of Louisiana. 36 of these filings were for business debt. The 39 filings made up 0.7% of all bankruptcy filings in the district. None of these were filed in Iberia Parish, but 12 of these Chapter 11 cases were filed nearby in Lafayette Parish.

What Is the Disclosure Statement in a Chapter 11?

A disclosure statement is filed prior to the vote on a restructuring plan. It provides creditors and the court with crucial information about the business to make a reasonably informed choice about the restructuring plan. It helps these parties determine if the restructuring payment plan is reasonable and likely to be successful.

Disclosure statements include the assets and debts of the business, as well as other important business affairs. You may want to consider gathering information like:

• Profit and loss statements for at least the prior year
• Personal and business tax returns for at least the prior two years
• Business inventory and asset list
• Statements for accounts receivable

The statement is required to have adequate information about these affairs. Not every Chapter 11 case will require a disclosure statement, especially for smaller businesses. An attorney can help you determine if your business needs a disclosure statement.

Restructuring Plan Information

After the approval of the disclosure statement, you should provide certain information to creditors, the U.S. trustee, and equity security holders. This information includes:

• The restructuring plan or a summary of the plan, if it is court-approved
• The approved disclosure statement
• Notice for the time limit placed on acceptances and rejections of the plan by creditors
• Any other information the court requires to be included, such as statements of the court’s approval of prior documents

You must also provide specific information just for creditors and equity security holders, who are able to vote to approve or deny the plan. This includes:

• Notice of the time limit for filing objections
• Notice for the hearing date and time for the restructuring plan confirmation
• A ballot for voting on the plan or on preference between multiple plans

Why Is It Important to Hire a Chapter 11 Lawyer?

When you work with a lawyer to file your Chapter 11 bankruptcy, it makes the process much more straightforward and helps ensure you have a better chance of success. There are several complex aspects to filing for and securing a Chapter 11, and an experienced attorney understands the Chapter 11 laws and how they apply to your business.

An attorney can also give advice about other options for debt settlement. Chapter 11 is not the only bankruptcy option for businesses, nor is it the only option for settling your business debts. When you work with an experienced attorney, they can review what options you have and how the benefits and drawbacks affect your business and your finances.

It takes time to create a plan for reorganization that is likely to be successful. It is important to work with skilled attorneys who understand the Chapter 11 bankruptcy process and can review your business’s unique situation to create a strategic and reasonable payment plan and business structuring. An attorney can also help you gather documents for your assets, debts, and other information included in the disclosure statement. Your attorney also represents you in court.

Why Is It Helpful to File a Chapter 11?

When businesses owe significant debt, it can require the company to liquidate and cease operations. Filing a Chapter 11 allows a business to remain operational while still addressing the significant debts. The bankruptcy case also puts an automatic stay on the business’s debts, providing a temporary period where creditors cannot take collection actions like levies or garnishment.

Work With Wiley & Jowers in New Iberia Today

Financial debts can significantly harm the future of your business, and it can often feel like you don’t have many options. When you discuss your case with a knowledgeable bankruptcy attorney, they can help you consider numerous options for debt settlement, including determining if bankruptcy is right for you. Contact Wiley & Jowers today and let us help you make an informed choice about your company’s future.