Filing Chapter 11 Bankruptcy
Chapter 11 bankruptcies are referred to as a “reorganization,” they’ll generally allow someone to keep their business running while they get things back on track.
If you’re a small business in danger of going under, it might be the right option for you and finding the right attorney can help you get through this complex process with a minimal amount of trouble.
What is a Chapter 11 Bankruptcy?
A Chapter 11 bankruptcy is a motion to reorganize a business and keep it running and solvent while arrangements are made with creditors to pay off a percentage of the debts without them seizing assets. In essence, it’s a reorganization of the existing business structure to allow things to keep functioning while absolving some of your debts.
It’s also one of the most complex and hardest to accomplish out of the bankruptcy options available to business owners. It can be the only option for those operating a corporation, partnership, LLC, or other configurations where a Chapter 13 may not be applied.
For this process to go through, both the courts and your creditors will have to be on the same page and agree to let things happen. This means that having proper legal advice is absolutely essential to the process, as your chances of making this happen on your own are quite limited.
Life happens. You deserve a fresh start. We can help.
There are a number of advantages to going with a Chapter 11 bankruptcy:
- You can maintain the operations of your business
- You’ll have time to sell off assets you don’t need or can’t afford in order to pay off creditors
- Modification of terms on secured debts
- Discharging debts which simply cannot be paid back
- No sacrifice of your own “disposable ”
In most cases, a Chapter 11 will have a lifespan of three to five years which is generally plenty of time to bring everything up to snuff and help you get your life and business back on track.
If you think this option is right for you, then it’s imperative that you seek out the proper legal advice to make it happen.
discuss your situation with one of our professionals today
Filing for Chapter 11 Bankruptcy
While no bankruptcy is entirely straightforward, the option to utilize a Chapter 11 is a particularly difficult and complex process. You’ll need the best attorney you can find in order to make it happen.
There’s going to be a lot of negotiating going on, and an experienced attorney is your best bet in both making sure that the filing goes through and the long term success of your venture.
The thing is, making your Chapter 11 happen might be exactly the thing to keep your business afloat and allow you to make the long term changes you need to not lose everything. We’re here to help, our office is located in Johnson City, TN and we can make sure that you get the best advice possible and gain a fighting chance at saving yourself from losing everything that you’ve worked so hard for.
Contact us in order to get the legal advice that you don’t just need, but also deserve.