Securing an experienced chapter 11 bankruptcy attorney can be integral for business owners navigating a path back to financial vitality. For those facing exorbitant debt but who also see the potential viability of their business, Chapter 11 bankruptcy can provide an invaluable means of rescuing a business.
Chapter 11 bankruptcy reorganization was originally intended for larger corporations. Both businesses and individuals, however, are able to file under Chapter 11 if they are not eligible for Chapter 13. Chapter 11, which is used to reorganize assets and liabilities, is typically employed by businesses seeking help in developing a debt plan while continuing day-to-day business operations. Chapter 11 can be filed voluntarily by debtors or instigated involuntarily by creditors.
When filing Chapter 11 bankruptcy protection, a trustee appoints creditor committees usually consisting of the debtor’s largest unsecured creditors. These committees negotiate on behalf of the debtor. Chapter 11 involves filing monthly reports and helping your Chapter 11 bankruptcy attorney prepare for a Disclosure Statement and Debt Repayment Plan. Chapter 11 reorganization is complicated and expensive; however, it can save your business from lien liquidation while you continue with business operation, which can be especially beneficial if you are a corporation or LLC, or if you’ve been in business for a very long time and need help catching up financially. Let our Chapter 11 attorneys assist you.
Please contact our Chapter 11 bankruptcy attorneys to better understand your options for filing chapter 11 reorganization under chapter 11 bankruptcy 1aw.