Monmouth County Bankruptcy Attorneys explains Chapter 11.
Chapter 11 is a chapter of the United States Bankruptcy Code which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court or protection under either Chapter 7 or Chapter 11. A Chapter 11 case begins with the filing of a petition with the bankruptcy court serving the area where the debtor has a residence. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements.
If you or someone you know is filing a Chapter 11 bankruptcy, Call one of our Monmouth County Bankruptcy Attorneys at Riviere Advocacy Group LLC. (732)-646-5529
While declaring bankruptcy can be a difficult decision and can seem like you’re facing a complicated resolution, our experienced attorneys are here to help.
Call for a free consultation to discuss your situation and set a plan that is right for you.