No one can tell what the future will bring. A business owner in Louisville may find that one day his or her business is open and profitable, to one day facing the prospect of closing its doors due to overwhelming debt that he or she simply cannot manage any longer. When this happens, the business owner may want to consider filing for business bankruptcy.
Last week, this blog discussed the two main types of business bankruptcies: Chapter 7 and Chapter 11. A Chapter 11 bankruptcy offers businesses the chance to design a repayment plan, so they can keep their doors open. However, such plans are very complex, and should not be handled alone. That is when the help of a dedicated attorney, such as those at Kruger & Schwartz, can be invaluable.
A Chapter 11 bankruptcy can give a business the chance it needs to reorganize its finances and restructure its debts. Chapter 11 bankruptcy allows a business to keep many of its assets. Therefore, through the successful implementation and completion of a Chapter 11 plan, a business may be able to keep its doors open, so it can continue being a profitable enterprise.
That being said, the entire Chapter 11 bankruptcy process is extremely complicated. Nonetheless, the legal team at Kruger & Schwartz have guided many Kentucky businesses through the Chapter 11 process for over three decades. They understand that oftentimes a business deserves a fresh start, and they work to see that their clients’ outcomes are fair and appropriate. To learn more about business bankruptcy and Chapter 11, visit the firm’s website.