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August 2020

chapter 11 bankruptcy in Ohio

What Is Chapter 11 Bankruptcy?

By | Bankruptcy, Ohio, Toledo | No Comments

A Chapter 11 bankruptcy is one of the least common bankruptcy types for individuals to file. In fact, when most people think about bankruptcy, they think about Chapter 7 or Chapter 13 bankruptcy–the two most common types of bankruptcy for individuals to file. Most of the time, only businesses, such as corporations, limited liability corporations (LLCs), and partnerships are the ones to file for Chapter 11 bankruptcy, although in some cases, individuals may file if other options aren’t available. At the law offices of Groth & Associates, our Chapter 11 bankruptcy attorneys can answer your questions and guide you through the process of filing.

What Is a Chapter 11 Bankruptcy?

A Chapter 11 bankruptcy is often referred to as reorganization bankruptcy, as it is used by businesses (and, as mentioned above, sometimes individuals) to restructure debts. Many companies have used Chapter 11 to file for bankruptcy and restructure their debts in the past, including some of the most successful companies today, such as United Airlines and General Motors. 

How it Works

When a business is insolvent, they may file for a Chapter 11 bankruptcy. With the help of the bankruptcy court, the business may restructure its debts. This involves the business suggesting a reorganization plan; in order for the court to approve it, the plan must be in the best interests of the creditors to whom the business is indebted. While the business has the option of suggesting a reorganization plan, if they do not do so, the creditors can work together to create one. 

Usually, a business will continue to operate during the bankruptcy process. Only in special circumstances, such as in the case of fraud, will a bankruptcy trustee be appointed to run the business while the bankruptcy is pending; otherwise, the business will have control of their operations as normal.

Pros and Cons of Chapter 11 Bankruptcy

There are some downsides and advantages to filing for Chapter 11 bankruptcy. One benefit of filing for bankruptcy, in general, is that filing for bankruptcy initiatives the automatic stay. Another benefit is that it allows a business to continue operating; for individuals, reorganization bankruptcy can provide a clear path forward to escape financial woes. There are also some downsides, too. One major downside is that the Chapter 7 bankruptcy process is longer and more complex than other types of bankruptcy filings. It can also be difficult to negotiate a reorganization plan. 

Call Our Experienced Attorneys Today to Learn More

Whether as a business or an individual, filing for bankruptcy may be the best option if large amounts of debt are making financial independence impossible. At the law offices of Groth & Associates, our experienced attorneys know how difficult dealing with large amounts of debt is. If you are thinking about bankruptcy, we can help. Filing for Chapter 11 bankruptcy may be a viable option for you. Call our team today to learn more about how we can help.

How Long Do You Have to Make a Claim After a Car Accident?

By | Car Accident, Car Accident Injuries, Ohio, Toledo | No Comments

Being in a car accident is a terrifying experience. What’s more, if your injuries are serious, you may be unable to take immediate action to file a claim right after your crash happens; instead, you may be incapacitated for days, weeks, or months. While the best strategy is always to bring forth a claim as soon as possible after a crash if you are unable to, here’s what you should know about how long you have to make a claim after a car accident–

Check Your Insurance Policy

As stated above, it is always within your best interests to bring forth a claim as soon as possible after a crash. And this isn’t just because that’s when evidence is the freshest–it’s also because the insurance company may have rules and regulations in place for how long you have to file a claim before it’s denied. Insurance companies have a right to investigate a claim and, if too much time passes, this right is impeded. It’s important that you review your policy and familiarize yourself with the rules for providing your insurance company with notice.

Know the Statute of Limitations

You’ll need to provide the insurance company with notice of your claim within the required amount of time. However, if you want to file a lawsuit against the at-fault party in Ohio, you’ll likely have a little bit more time. That’s because your right to file a lawsuit is regulated by the state’s statute of limitations, which is found under Ohio Revised Code Section 2305.10. The statute reads that a person who suffers a personal injury–such as injuries sustained in a car accident–has two years from the date of the accident to file a claim for damages. 

If you wait longer than two years to file your lawsuit, then your right to recover is forfeited. Similarly, if you don’t provide the insurance company with notice of your accident within the required time frame (per your policy), then they may have cause to deny your claim. 

How to Protect Your Rights After a Car Accident

As stated earlier, it can be very difficult to take action after a car crash, both because you may be seriously injured and also because you may be emotionally scarred. However, time matters, and there are few exceptions to the limits that exist for making a claim after a car accident. In order to help you meet these time requirements, and to advocate for your right for your full damages amount and assist you in a number of other ways, working with a skilled attorney is strongly recommended. 

Call Groth & Associates Today

If you’ve been in a car crash, our Ohio car accident lawyers can start working on your case immediately. We will investigate your claim, ensure that all parties are notified in a timely manner, gather evidence, build your claim, and negotiate your settlement. To learn more about how we can assist you when you’ve been in a crash, as well as how to ensure that you don’t breach the statute of limitations, please call our legal team today.

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