Monday, August 22, 2011

Chapter 11: Monthly Operating Report

If you have found your way to this Blog, you are probably someone thinking about filing for Chapter 11 Bankruptcy, or you already have filed.  If you are considering Chapter 11 to reorganize your debt obligations, be sure to find a qualified bankruptcy attorney - a specialist, not a DUI attorney who does bankruptcies on the side.  Chapter 11 bankruptcies are too complicated, and you have too much at stake to be wasting your time and money if your Chapter 11 bankruptcy fails to be confirmed. Your attorney can determine what kind of bankruptcy is appropriate for your circumstances. One thing that your attorney probably cannot help you with is the Monthly Operating Reports that you have to file each month.  You can find templates for these reports specific to your regional US Bankruptcy Court and attempt to file them yourself.  However, be forewarned Monthly Operating Reports are often rejected because they are done incorrectly.  If this happens, your Chapter 11 bankruptcy petition is in jeopardy.  Then you will have wasted a lot of money on attorney fees and filing costs.  An accountant experienced with Chapter 11 requirements can help you avoid having your Monthly Operating Reports rejected. It all comes down to how serious you are about reorganizing and saving your business.  If you have any questions regarding this matter feel free to contact us.  http://wjaccountingsolutions.com/index.html

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