When a business is seeking debt relief through bankruptcy, it most often does it through Chapter 11 bankruptcy. Similar to Chapter 13, Chapter 11 is a debt repayment plan that is designed to help businesses, and in some cases individuals, when large assets and debts are at stake. The expense and complexity of the Chapter 11 process require the attention of a skilled Chapter 11 bankruptcy lawyer. At Schwartz Bankruptcy Law Center, we work tirelessly on behalf of businesses and individuals in Kentucky and Indiana. Our lawyers are resolute in our commitment to protecting clients throughout the course of addressing and resolving their Chapter 11 bankruptcy issues in bankruptcy court. Contact us today so we can get started working on your case.
Chapter 11 bankruptcy is often an appropriate step when a business needs to restructure the debts it has and reorganize its finances so it can stay open. Chapter 11 bankruptcy involves the financial restructuring and reorganization of a business, which may be an incredibly complicated process. This type of bankruptcy enables a business to maintain many of its assets while it restructures itself to better manage its debts. This is an effective alternative to Chapter 7, which would require a business to liquidate its assets in order to pay debts.
The Chapter 11 bankruptcy process typically moves along as follows:
Though it is not usually used by individuals, Chapter 11 bankruptcy protection is an option for individuals as well as businesses. Chapter 11 allows qualified individuals to reorganize and repay their debts over time. An individual may qualify if he or she has a certain amount of debt and assets. Someone who owes an amount just above the Chapter 13 debt limits may result in the filing for Chapter 11 bankruptcy.
To learn more about business bankruptcy or Chapter 11 bankruptcy for an individual, please don’t hesitate to contact a competent Chapter 11 bankruptcy lawyer from Schwartz Bankruptcy Law Center. Our legal team is here to represent you and help you move on to a brighter future.