What is the upside of filing for Chapter 11 bankruptcy?
Posted on Friday, June 19th, 2015 at 3:48 pm
Though the idea of filing for bankruptcy can be frightening to business owners, Chapter 11 bankruptcy can help many business owners get a handle on their finances and prepare them for a more prosperous future. Importantly, business owners will be able to keep their business operational as they restructure their business, ensuring that revenue streams will not dry up. Moreover, Chapter 11 bankruptcy will grant you automatic stay, which will prevent creditors from harassing you on a daily basis. Most critically, Chapter 11 bankruptcy will provide you an opportunity to pay off your secured and some of the unsecured debt of your business by allowing you to restructure the terms or your repayment, extending the repayment period, and lowering the actual dollar amount of every payment.
If you are considering filing bankruptcy for your business, you should speak with one of our Raleigh Chapter 11 bankruptcy attorneys with the Bradford Law Offices, PLLC about your options moving forward. To speak with one of our attorneys, please call our Raleigh offices at (919) 758-8879 today.