Filing for protection under Chapter 11 of the U.S. Bankruptcy Code is frequently misunderstood by individuals. Consequently, many debtors with substantial assets and minimal cash flow will not benefit from the unique debt relief opportunities that a Chapter 11 reorganization can provide. Bankruptcy Attorney (AZ) Lawrence ‘D’ Pew believes that understanding a few key bankruptcy concepts will help remove some of the mystery shrouding Chapter 11. One such key concept is the adversary proceeding in bankruptcy.
Pew Law Center Bankruptcy Attorney: AZ Chapter 11 Adversary Proceedings
An adversary proceeding is a lawsuit filed with the bankruptcy court involving some contested matter in the bankruptcy case. In a Chapter 11, the debtor in possession may initiate an adversary proceeding (by filing a complaint) while in control of estate assets.” For example,” explains bankruptcy attorney, AZ Lawrence ‘D’ Pew, “the debtor in possession could file an adversary proceeding to recover money or property that rightfully belongs to the bankruptcy estate!”
Adversary proceedings are not limited to the recovery of money or property, however. The debtor in possession may also file an action to avoid a preference, to avoid a lien, to avoid a fraudulent transfer, or to avoid a post-petition transfer that he or she believes should not occur. Furthermore, creditors of the debtor in possession may also initiate their own adversary proceedings. Such complaints may be filed to validate or prioritize a lien, to revoke the court’s plan confirmation order, to determine whether a specific debt is dischargeable in bankruptcy, to subordinate another creditor’s claim to that of the complainant, or to seek injunctive relief from the court.
Increased Cost in Chapter 11 Bankruptcy: Attorney (AZ) Adversaries
Because the adversary proceedings are essentially lawsuits within the Chapter 11 bankruptcy case, they are typically prepared and filed by attorneys. This means that a bankruptcy attorney (AZ) will either file the complaint and prepare to litigate it, or a bankruptcy attorney (AZ) will respond and object to a complaint and defend against it. Whatever position the debtor in possession takes, it is likely that the services of an experienced bankruptcy attorney, AZ Lawrence ‘D’ Pew particularly, will be required to advocate the debtor’s position successfully on the issue presented.
BEST BANKRUPTCY ATTORNEY – AZ Legal Resources at the Pew Law Center
For area residents needing the legal representation of an experienced bankruptcy attorney, AZ’s Pew Law Center, PLLC, is unmatched in both service and cost. With our offices conveniently located in Mesa, we are able to serve residents throughout the metropolitan Phoenix, Arizona, area and its surrounding communities.
Arranging to meet with lead bankruptcy attorney (AZ) Lawrence ‘D’ Pew is easy. Just call the Pew Law Center bankruptcy attorney Phoenix at 480-745-1770 and we’ll schedule a FREE VIP Bankruptcy Consultation for you. You can send us an email if you like, and we’ll respond to your inquiry usually within 24 hours. If you have questions and would like to chat online, you can chat live with us anytime 24/7 by visiting our website at www.PewLaw.com. At the Pew Law Center, it really is that easy to get sound advice from a knowledgeable bankruptcy attorney (AZ) who cares and can help.