For many individuals and organizations that are wary about filing for bankruptcy, one of the primary concerns is how lengthy the bankruptcy process can be. From first meeting with a bankruptcy lawyer to allowing the scenario to play out in court, the entire process can take anywhere from a few weeks to a few months. However, the process doesn’t have to be long and can even be set on a faster timetable with the help of a bankruptcy lawyer! The most recent example of this is Endicott Interconnect Technologies, Inc., which filed for Chapter 11 with the help of its bankruptcy lawyer. The entire process of placing the company in the hands of a buyer could be completed in as little as a month.
Navigating Chapter 11 with a Bankruptcy Lawyer
While it’s not always possible to expedite a bankruptcy filing, working with a bankruptcy lawyer streamlines the process and helps you perform all the requirements for the petition as quickly as possible. Endicott Interconnect Technologies, Inc. (EI), listed assets for valuation and sale at $250,000 in the Chapter 11 filing. EI will be facing a decision on July 25, when the case reaches a U.S. bankruptcy court in Utica. In addition to the Chapter 11 filing with the help of a bankruptcy lawyer, EI will attempt to sell some of its most valuable assets to raise capital to repay its debts. The timeline will unfold for the asset sale as follows:
- August 15, 2013. Anyone wishing to make a bid for EI and its assets must submit a written documentation of their intentions by this date. EI’s bankruptcy lawyer and its team at Schoeneck & King PLLC must receive the written copy.
- August 19, 2013. After submitting the written copy to participate, bidders will participate in the auction that will be held on this date.
- July 23, 2013. From creditors to anyone else who opposes this course of action, July 23rd is the final day a statement objecting to the bid process can let their voices sway the legal proceeding.