Understanding Chapter 11 Bankruptcy
Posted on Monday, April 27th, 2015 at 2:05 pm
In the business world, there will be times when a business is struggling to make ends meet and turn a profit. Sometimes this struggle can become overwhelming, as debts continue to accrue. Fortunately, however, there are legal methods that an experienced attorney may offer that could help you move on from this difficult period and retain financial security. One option, Chapter 11 bankruptcy, allows both corporate entities and individual business owners to protect their assets when debt becomes unmanageable and endangers the viability of their business.
The Benefits of Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a good path for business owners who are looking to maintain a degree of normalcy through their financial struggles. Unlike Chapter 7 bankruptcy, Chapter 11 allows business owners to continue operating their business under court supervision. Additionally, business owners are able to structure their own reorganization plan. Other benefits of Chapter 11 bankruptcy include:
- No limit to amount of debt
- Automatic stay prevents creditors from taking action to collect debts
- Business owners keep possessions and company assets
Filing for Chapter 11 may make it possible to continue pursuing your goals and repay your debts without completely crippling your brand or business. A Raleigh business bankruptcy lawyer can discuss your legal options with you, including whether Chapter 11 bankruptcy is right for you.
Contact a Chapter 11 Bankruptcy Attorney for Help
If you are a business owner in Raleigh facing a seemingly impossible amount of debt, a lawyer of the Bradford Law Offices, PLLC, may help you determine whether filing for Chapter 11 bankruptcy is the best option for you. To schedule a consultation with one of our business bankruptcy lawyers, call our offices at (919) 758-8879 today.