Chapter 11 Bankruptcy
Chapter 11 Bankruptcy, also known as commercial bankruptcy, is a process of reorganization mostly for businesses, people who have small businesses, a business-related chapter, and self-employed people who owe taxes to the IRS. At my law firm, Chapter 11 Bankruptcy is specifically filed by small businesses.
If your enterprise desires to continue operations as usual while addressing debts to creditors through a court-coordinated payment plan, Chapter 11 Bankruptcy may be an appropriate option. 120 days after the issuance of an order to relieve debts, the business at hardship is entitled to the opportunity to develop a reorganization plan. Creditors may then approve the plan with an arrangement finalized by the designated court.
Chapter 11 Bankruptcy appeals to many of my clients due to its flexibility. There are multiple ways to garner profits and restore your business’s profitability, whether you accomplish this by repaying some debts while having others discharged, eliminating contracts that bog the practice down, and/or cutting back on operations of your enterprise. When your business completes its plan, it benefits from reduced debt and structural transformation that allows profits to flourish and debt to dwindle.
Always keep in mind that what works for one struggling business may not work for yours, even if that establishment has also filed for Chapter 11 Bankruptcy. In practice since 2000, I have the hands-on experience to help draft a plan both creditors and the courts can approve of. Like my individual clients, I consider businesses’ unique attributes when formulating a strategy that works for them while complementing their strengths.While I have outlined major forms of bankruptcy and some aspects of bankruptcy law, no amount of time reading summaries can substitute for the personalized service I provide you at the Brian Wilson Law Firm in Little Rock, AR.
While I have outlined major forms of bankruptcy and some aspects of bankruptcy law, no amount of time reading summaries can substitute for the personalized service I provide you at the Brian Wilson Law Firm in Little Rock, AR.