Chapter 11 is a bankruptcy option intended primarily for businesses, and it’s often referred to as reorganization bankruptcy. Certain individuals may also qualify for chapter 11 bankruptcy, such as those who don’t intend to liquidate all of their assets or those with exceptional amounts of debt.
Knowing which type of bankruptcy to file for can be tricky, but finding a nearby lawyer can help you do things correctly. As experts, the professionals at the Law Offices of Tara M. George, PC will make sure that you choose the appropriate route, and they will guide you through the process until everything is settled.
The Chapter 11 Process
A chapter 11 case begins with either the debtor or the creditors filing a petition, but even after a petition has been filed, the business can continue normal operations. Together, you and your lawyer can start working on a repayment plan, but the ultimate goal of chapter 11 bankruptcy in Fall River, MA is to become profitable.
During this process, you can make sensible objections, renegotiate leases or contracts, and discharge or partially repay debts. However, these aspects of chapter 11 bankruptcy can get tricky, so having a lawyer present can be extremely beneficial.
Get Help with Complex Procedures
Businesses will need a reorganization plan that is reasonable and in compliance with the law. Different businesses will have different court filing requirements, and the bankruptcy process can get tricky, sometimes even crossing over into estate planning law. A skilled lawyer close to you will understand every aspect of bankruptcy and be able to point you in the right direction.
With the right assistance, you can complete a chapter 11 bankruptcy and get the most favorable outcome possible. Both corporations and small business can file, but if you are not filing as a business, your lawyer will tell you whether or not chapter 11 is right for you.
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