Monmouth County Bankruptcy Attorneys explain Chapter 11
Chapter 11 is a chapter of the United States Bankruptcy Code. It is referred to as a “reorganization” bankruptcy. Chapter 11 is available to individuals, corporate, and partnerships. It is the typical bankruptcy choice for large businesses. However It has no limits on the amount of debt. Through this chapter, businesses can restructure their debt. Further, they can start operations again. Chapter 11 is the most flexible bankruptcy law. A chapter 11 bankruptcy lawyer can help you file bankruptcy. Ask for free consultation!
Who can File Chapter 11 Bankruptcy?
When a business is unable to service its debt or pay its creditors, then business or its creditors can file this chapter. It is done with a federal bankruptcy court or protection under either Chapter 7 or Chapter 11. Contact us now so, we can give the right plan to you.
How to File Chapter 11 Bankruptcy?
A Chapter 11 case begins with the filing of a petition with the bankruptcy court serving the area where the debtor has a residence. For more information visits here.
Under Chapter 11, votes of creditors affirm a reorganization plan. Management may continue to run the business, but the bankruptcy court must approve all significant business decisions.
While declaring bankruptcy can be a difficult decision and can seem like you’re facing a complicated process; our experienced attorneys are here to help. We have a team of bankruptcy lawyers who can file Chapter 11 bankruptcy for you. As a result, you will be able to reorganize your business and make a new plan for operating your business going forward. Call for a free consultation to discuss your situation. So we can make a plan that is right for you.
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