In any business, there are likely to be challenging times of hardship where the company may not make any profit, or when it might actually lose money over consecutive months. These periods can be devastating to a company’s stability, as well as to the confidence of its owners. When a crushing debt load threatens the viability of a business and there are no immediately apparent solutions, filing for Chapter 11 bankruptcy protection may offer an opportunity to regain control of the situation without having to give upon a dream.
If you are a business owner and are facing a seemingly overwhelming amount of debt, it is important to know that you have options. For more information about how an experienced attorney can help you file for Chapter 11 bankruptcy and the benefits of doing so, contact the Raleigh Chapter 11 bankruptcy lawyers of the Bradford Law Offices, at (919) 758-8879 to schedule a free consultation.
How Chapter 11 Bankruptcy Can Benefit You
The prospect of filing for bankruptcy can be intimidating, but this is largely due to misunderstandings about what the actual implications of bankruptcy are. The reality is that many successful businesses have been allowed to thrive by successfully completing one or more Chapter 11 bankruptcy cases. The following are some benefits of Chapter 11 bankruptcy protection:
- You can keep your business running while you work to get out of debt. Chapter 11 bankruptcy lets you restructure your business plan while you are still operating.
- The automatic stay gives you freedom from creditors harassing you on a daily basis. This freedom gives you the opportunity to restructure and make a plan for future success.
- The chance to pay off secured debts and even some unsecured debts so you can run a successful business in the future. Most importantly, you may be able to renegotiate the terms of repayment, extending the repayment period or lowering the amount of each installment.
Filing for bankruptcy protection can be the first step on the path to a brighter future for your business. Contact the Raleigh Chapter 11 bankruptcy attorneys of the Bradford Law Offices, by calling (919) 758-8879 today.