Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709
${site.data.firmName}${SEMFirmNameAlt}

Milwaukee YMCA announces bankruptcy reorganization plan

We often discuss consumer bankruptcy on our blog, but bankruptcy is also an option for businesses that are struggling with debt.

In June, the YMCA of Metropolitan Milwaukee filed for Chapter 11 bankruptcy protection, stating that the organization was $29 million in debt.

Today, the YMCA filed its plan of reorganization in U.S. Bankruptcy Court and said the plan will leave the organization "better-positioned to carry out its vision of a stronger, healthier Milwaukee where families of all incomes and backgrounds truly thrive."

Chapter 11 bankruptcy is a process by which businesses can reorganize without the heavy debts that they carry. It involves proposing a plan that would allow the business to be profitable post-bankruptcy while at the same time keeping creditors at bay.

The difference between a Chapter 11 bankruptcy and a Chapter 7 bankruptcy is that in Chapter 11, the business stays in business with plans to once again become profitable.

The reorganization plan details the future plans for profitability as well as how the debts will be treated, either discharged or partially paid back with installment payments. Creditors are often willing to compromise with businesses during the Chapter 11 process.

Under the YMCA’s reorganization plan, the organization plans to sell several of its suburban real estate properties, reduce staffing and cut certain programs and services.

A statement from the YMCA said the organization hopes to re-emerge from bankruptcy debt free as soon as next month.

Chapter 11 bankruptcy is most common with larger businesses but it can also work for smaller businesses as well. For more information on the process and whether your Wisconsin business may qualify, speak with an experienced bankruptcy attorney in your area. 

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.