If you or your business is struggling with unpayable debt, Chapter 11 bankruptcy may be the solution you are looking for. The point of Chapter 11 is that it allows you to stay in business while you address the issue of debt repayment.
Chapter 11 is typically used by businesses and corporations that seek to reorganize debt obligations to give you “breathing room” from debts and contracts, so you can create a repayment plan that will allow you to restore your business to viability. Your business survives and your creditors get their money eventually. Because Chapter 11 works for both creditors and debtors, it is a true win-win scenario.
North Georgia Business Reorganization Attorney
During the first 120 days after filing for Chapter 11, your business has the exclusive right to draft a plan of debt rescheduling. This period can be lengthened or shortened by the court, but it cannot go longer than 18 months. Creditors with competing repayment plans may attempt to persuade the court to deny the debtor exclusivity. It is the bankruptcy judge’s responsibility to resolve these reorganization plan requests.
Atlanta Chapter 11 Business Bankruptcy Attorney
Chapter 11 bankruptcy is an option for most businesses. A business may look to file a Chapter 11 bankruptcy if:
- It is being faced with a foreclosure of a property or a repossession of certain assets (cars, trucks, buses, planes, boats, etc.).
- It is about to be or is currently being garnished or is about to be shut down by the Internal Revenue Service or another taxing authority.
- It is facing a large amount of debt that it cannot pay back according to the terms of the creditors.
- It is facing lawsuits or other legal actions that will cause interruption to the business.
Corporate Debt Restructuring
Chapter 11 is not the right solution for every business. To find out if it’s right for your situation, contact Brian Limbocker at Limbocker Law Firm, LLC. We can explain your Chapter 11 options, and the step-by-step approach that solves your most pressing financial problems.
One lawyer in Atlanta’s north metro area can help with Chapter 11 business bankruptcy. Call Atlanta Chapter 11 business bankruptcy attorney Brian Limbocker at 678-401-6836, or write him using this email form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.