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More Large Chain Restaurants File for Chapter 11 Bankruptcy in California

California Pizza Kitchen and Sizzler Steakhouse have filed for bankruptcy in California after suffering significant losses due to coronavirus shutdowns. California Pizza Kitchen is close to reaching a deal with its creditors, while The Sizzler has just begun the process of filing for Chapter 11 bankruptcy

The Sizzler chain has 107 locations located throughout California. In its bankruptcy application,  Sizzler stated that filing for bankruptcy is a direct result of having to shut down due to the COVID-19 pandemic. Only 14 corporately-owned restaurants are part of the bankruptcy. Many of the company’s restaurant locations are independent franchises. 

Filing for Chapter 11 Bankruptcy in Los Angeles

Chapter 11 bankruptcy involves a reorganization of the applicant’s debts, assets, and business affairs. Corporations, partnerships, and limited liability companies (LLCs) can file for Chapter 11 bankruptcy. Typically, individuals who have significant debt do not qualify for Chapter 11 and Chapter 13 bankruptcy, but individuals can file for Chapter 13 bankruptcy in rare cases.

Chapter 11 bankruptcy is well-known as reorganization bankruptcy, and it is named after Section 11 of the Bankruptcy Code. The Chapter 11 bankruptcy process is the most complex of all of the bankruptcy processes. If you are considering filing for Chapter 11 bankruptcy, it is important to discuss your case with an experienced Los Angeles bankruptcy lawyer. 

During the Chapter 11 bankruptcy process, a bankruptcy court will help businesses restructure their obligations and debts. In most cases, the company will stay open and operating while paying off debts and going through the bankruptcy process. 

What are the Benefits of Filing for Chapter 11 Bankruptcy?

There are several advantages to filing for Chapter 11 bankruptcy. One of the key benefits is that businesses can continue to operate while paying off their creditors. As you go through the debt reorganization process, you will be able to pay back your unsecured debt partially. After you submit your application, your creditors will not be able to harass you at your business or your home, giving you time to develop a plan to repay your debts.

Additionally, you will be able to restructure any secured debts. The bankruptcy trustee, who is in charge of your case, will help you create a plan to make payments to creditors that are often lower than your previous payments. These payments will also be spread out over a longer period, making it easier to manage them. 

When to Consider Filing for Chapter 11 Bankruptcy

Opening a business can be extremely risky, especially in our unprecedented economic times during the coronavirus pandemic. Has your company been struggling financially over the last six months, mainly due to shut-downs? Are you struggling to gain a profit over several consecutive months? If so, filing for Chapter 11 bankruptcy could be your best option. Doing so could also allow you and your company to maintain better financial security. Contact our San Diego bankruptcy law firm as soon as possible to schedule your initial consultation. 

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Roger C.

I reached out to BLC to help assist with a chapter 7 business bankruptcy and they provided excellent guidance, advice, and support through the entire process. In my case an adversarial action was filed by one of the creditors and attorney Ahren Tiller and his staff provided sound ...arguments which prevailed. Couldn’t have found a more experienced and supportive team to represent me in a tricky situation. I would highly recommend them to anyone making the difficult but sometime necessary decision to find financial relief. Read more
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Justin R.

Like many others before and during the pandemic, life happenings caused me to be in a financial situation to warrant bankruptcy. The BLC was super professional all the way through the entire process. Right after I paid for my Bankruptcy, I got sick and had to have surgery and recovery. Then we ...were in full Pandemic mode. They were gracious to delay my filing until I was recovered and ready to file. I could not ask for more. The process was over all quick and painless for a simple Bankruptcy like mine. I feel a weight has been lifted and I can rebuild. Thank you for all your arduous work and patience, Gabriel, Ahren, and their teams are knowledgeable and efficient. Read more
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Katey Huntley

Responsive, friendly, kind, extremely easy to work with! So knowledgeable and made this entire process painless. Very grateful!

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Lynn Molina

Gabriel Hanna, Esq and the staff at BLC helped me in a very difficult time. I appreciate all the help and care they gave my case.

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Linda Cramer

I can’t say enough of how much this bankruptcy law firm helped me with my financial situation. They were all so helpful, efficient and made the difficult time and process as quick and easy as possible. I would recommend them to anyone I know and am glad to give my public recommendation as well. T...hey truly deserve a five star plus rating. Read more
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Andrea N.

I am very happy with my experience with BLC. Bankruptcy is not something anyone wants to go through, however everyone at BLC made my experience pleasant and easy. The process was explained thoroughly and I had an easy time reaching out and connecting with my attorney. Anika Renaud-Kim was my attorney ...and she was nothing short of amazing! She was very patient and generous with her time. Ms. Renaud-Kim definitely made me feel at ease and comfortable through the entire process. Read more
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Lidia Paramore

they did a great job for me, helped me anytime I needed something, my Lawyer Gabriel Hanna is the best, gave lots of confidence all the time..thanks BLC I will.always recommend you, I’m very grateful for your service!!!

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Rachael C.

When searching for information I had called a few different firms and received consults. BLC was the only one who didn’t shy away and provided answers and information during the consult. Once I agreed to move forward, they were supportive, informative, and eased my anxiety through the whole process.... I can’t recommend them enough. Read more
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Emily Martinez

AmazingI had many questions and uncertainties and the carefully explained it all and made it easy to understand. They facilitated a fast and easy process making this scary difficult thing simple

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