Often times, businesses that have lended money to individuals or other businesses run into situations where the debtor cannot fulfill his, her or its promises pursuant to the agreement. We have found in many cases that the debtor was well meaning about the project; however, circumstances beyond their control would not allow them to complete the project. An example may be that the State had plans to develop a road through the area, the, subsequently, changed its mind about the establishment of the road. The debtor is forced into filing Chapter 11 re-organization. It may work or it may not. In extreme cases, the debtor may come after the creditor for usurious interest. This is often called an adversarial proceeding.
At Jones & Associates, PC, we have experience with multi-million dollar Chapter 11 bankruptcies. If you find yourself in the situation where you need defense or have questions, please contact us at either (423) 424-6208 or firstname.lastname@example.org.