Raleigh Chapter 11 Bankruptcy Attorneys
The Raleigh Chapter 11 bankruptcy lawyers at the Bradford Law Offices, PLLC know that businesses may carry significant debt for a number of different reasons. For newly started businesses, it is not uncommon for debt levels to be considerable for several years, due to high start-up costs and sometimes unreliable revenue streams. Even existing businesses may be required to carry large amounts of debt during difficult economic stretches or as an operating cost. However, if the debts a business owes become unmanageable, it may be necessary to pursue Chapter 11 bankruptcy protection to resolve the problem.
In spite of the negative connotations some people attach to bankruptcy, it can actually be an extremely useful tool to both businesses and private individuals alike. If you or someone you know owns or operates a business that is struggling to manage its debt problems, an experienced legal professional can help you understand the full range of options available to you. Contact the Raleigh Chapter 11 bankruptcy lawyers of the Bradford Law Offices, PLLC today at (919) 758-8879 to speak with a qualified member of our legal team.
How We Can Help
At the Bradford Law Offices, PLLC, we fully understand the ways that Chapter 11 bankruptcy could positively affect your company. If you are considering Chapter 11 as a solution to your unmanageable debt, contact us today to learn more about:
There are a number of different features of Chapter 11 bankruptcy from which a business may benefit, and just some of these include:
- The ability to keep a business running during the bankruptcy process
- Protection against creditor harassment
- Possibility of obtaining loans at favorable rates
- Litigation against the debtor is put on hold
These and other benefits have made Chapter 11 bankruptcy an attractive option for many businesses facing significant financial problems, and it may be right for you. Contact us today to learn more.
Frequently Asked Questions
How Can Chapter 11 Bankruptcy Protection Help Me?
Chapter 11 bankruptcy protection offers companies and individuals a unique option while working to repay their debts. Unlike Chapter 7 bankruptcy and Chapter 13 bankruptcy, Chapter 11 bankruptcy allows you to keep your business open with protection against creditor harassment, as well as enabling the business owner to potentially obtaining loans at favorable rates. Typically, any litigation against the debtor is put on hold. On the other hand, Chapter 7 and Chapter 13 bankruptcy are often helpful for those with much more serious debt or financial turmoil. The debtors may have to liquidate their personal property in order to pay back creditors. Chapter 11 bankruptcy, however, allows debtors to remain in business under court supervision and owners are also allowed to keep all possessions and assets. The company must, however, negotiate a reorganization strategy for the business that must be approved by the creditor committee. Chapter 11 bankruptcy allows the debtor to make the reorganization plan and act as a trustee. With Chapter 11 bankruptcy, your business may remain open during the process so that you can reorganize the company and hopefully regain your financial footing.
What are the Benefits of Chapter 11 Bankruptcy?
It is natural for businesses to face financial setbacks from time to time. These hardships can put an enormous strain on the business and if they last for a length of time, it may be a good idea to consider filing for Chapter 11 bankruptcy. Filing for Chapter 11 bankruptcy is a tool that business owners may utilize to restructure their company, put a halt to litigation against the business, and get rid of threats from creditors.
Do I need a bankruptcy attorney?
While individuals and companies can file for bankruptcy without a lawyer, it is in your best interest to hire an attorney to handle your case for you. Determining which bankruptcy you should file for can be complicated, but it is an important decision that can have long-term consequences. A knowledgeable bankruptcy attorney will be able to help you decide what the best course of action may be for your business. Filing on your own will cost you hours of research, time, and effort determining which option is best for you. However, a skilled and experienced bankruptcy lawyer will help protect your interests and give you the peace of mind that you deserve.
If you or someone you know is struggling to resolve their business’ financial issues, you should speak with a knowledgeable legal representative who can help you determine the best course of action going forward. Contact the Raleigh bankruptcy attorneys of the Bradford Law Offices, PLLC at (919) 758-8879 today to discuss your situation.