Chapter 11 Bankruptcy Services
Your Partner in Small Business Bankruptcies
Bankruptcy Bookkeeping Clean Up is the First Step
Regardless of the reason why you declared Chapter 11, you likely need a team to rebuild that fresh start. Business attorneys and accountants often bring in Northstar Bookkeeping to help organize and assess the areas to shore up.
It’s imperative you regain control and move forward with confidence. In Chapter 11 cases, our dedicated team pays special attention to all financials of your balance sheet. That means pouring over all of your transactions, in and out, and rectifying all accounts.
Once the initial clean up is complete, we meticulously track every transaction, adding these transactions to a template to complete the court reports. While bankruptcy can be a complex process, our services make your lawyer’s job easier and contribute to a smoother restructuring.
Chapter 11 Bankruptcy Services Include:
Monthly workbook specific to the accounts used including DIP & Pre-Petitioned
Opening balances calculation of each account as of the petition date
Monthly tracking of all receipts, disbursements and transfers
Calculation of gross & net pay as required
Monthly calculation of current month and cumulative transaction totals
Monthly Schedule J comparison
Monthly operating MOR form (425C or UST 11-MOR), including redacted statements, for signature and court filings for attorney
With NorthStar Bookkeeping, Your Only Direction is Forward.
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Chapter 11 Bankruptcy FAQs
What is Chapter 11 bankruptcy?
Chapter 11 bankruptcy is a form of bankruptcy that allows a business to reorganize its debts while continuing to operate. It provides a legal framework for businesses to create a plan to repay creditors over time, while maintaining business operations.
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How can NorthStar Bookkeeping help with Chapter 11 bankruptcy?
NorthStar Bookkeeping provides comprehensive bookkeeping and financial services to support businesses throughout the Chapter 11 process. Our services include financial analysis and reporting, bookkeeping clean up, accounts payable and receivable management, payroll processing, general ledger maintenance, customized financial reporting, month-end closing, fiscal year-end support, and QuickBooks training and support. We work closely with lawyers and court-appointed referees to ensure a complete and accurate financial picture.
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Why is accurate bookkeeping crucial during Chapter 11 bankruptcy?
Accurate bookkeeping is essential during Chapter 11 bankruptcy to ensure transparency, comply with court requirements, and provide a clear picture of the business’s financial health to creditors and stakeholders.
Can NorthStar Bookkeeping work with my legal team during Chapter 11?
Yes, NorthStar Bookkeeping can collaborate closely with your legal team to provide the necessary financial information and support throughout the Chapter 11 process. We understand the importance of effective communication and teamwork in these situations.
What are the benefits of outsourcing bookkeeping during Chapter 11 bankruptcy?
Outsourcing bookkeeping during Chapter 11 bankruptcy allows businesses to focus on restructuring and maintaining operations, while ensuring their finances are managed by experts. This can lead to greater efficiency, accuracy, and peace of mind during a challenging period.
Contact us today to discuss how NorthStar Bookkeeping can support your business through Chapter 11 bankruptcy and help you achieve a successful financial recovery.
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Move Your Organization Forward With NorthStar Chapter 11 Bankruptcy Outsourced Bookkeeping
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