Chapter 11 benefits for small businesses
Posted on Friday, July 26th, 2013 at 7:49 pm
Businesses that are no longer in the black and are facing financial difficulties may want to consider the benefits of being reorganized by filing for Chapter 11 bankruptcy.
Under Chapter 11 bankruptcy, business owners have a chance to remain open and functioning, while working on addressing debts. Typically, a business owner will be able to partially repay debts that were used for small purchases to augment the business. Secured debts, on the other hand, will be restructured and payments to debtors stretched into long terms.
Perhaps most importantly, business owners are protected from being harassed by creditors by an automatic stay when they file for Chapter 11 bankruptcy.
Experiencing financial hardships while operating a business can be frustrating and stressful. However, with the help of the experienced legal team at the Bradford Law Offices, PLLC, you may be able to address these debts without having to close your business in Raleigh. Call (919) 758-8879 today to learn more about this financial option.