Chapter 11 bankruptcy is primarily utilized by corporations and businesses for debt relief under the Federal Bankruptcy Code, and it can even be used by individuals in certain situations. When considering business bankruptcy, Naperville business owners should consult with an attorney who can provide the best guidance and support. An attorney offers the needed assistance to deal with all aspects of the bankruptcy filing process.
Chapter 11 bankruptcy will allow a business to restructure and reorganize their debt. By developing and adhering to a debt repayment plan, the corporation or business can prevent business closure. This alternative allows them to stay in operation while eliminating the pressures of overwhelming and unresolved debt.
Whether the debtor owns a large or small business, filing for bankruptcy does not have to signal the beginning of the end. Instead, it is a legal tool that can be effectively used to reduce debt while regaining solid financial footing.
Some of the advantages of Chapter 11 Bankruptcy Include:
* Allowing the business to remain in operation
* Eliminating creditor harassment
* Restructuring debt
* Setting up a debt repayment plan
* There are no debts considered unable to be discharged
A bankruptcy attorney can provide the legal assistance needed for the best outcome in a Chapter 11 bankruptcy case. They will explain the business owner’s rights and responsibilities, as well as providing comprehensive legal support.
Scheduling a consultation with an attorney is the first step in receiving bankruptcy help. By contacting a legal professional, it’s possible to get the comprehensive legal services required for a successful bankruptcy case. You can visit Chicago Debt Solutions and their Google+ page for more information.