It is not unusual for a business owner to face difficult times and unexpected circumstances. When these situations occur, steps can be taken to keep the business from permanently closing. Chapter 11 bankruptcy could be the solution to your business’ financial difficulties.
A Chapter 11 is a type of bankruptcy used almost exclusively by businesses, and is a means of reorganization. The ultimate goal of filing a chapter 11 is to reorganize the business so it is able to remain in operation. This reorganization process involves a re-negotiation of contracts, disputes over debts, and a general re-defining of the relationship between the debtor and its creditors. The bankruptcy attorneys of Manty & Associates work through both the initial reorganization, as well as any problems that arise as the bankruptcy plan is carried out.
Manty & Associates works with both debtors and creditors through the chapter 11 process. Our attorneys work with debtors to ensure that the plan established allows the debtor to not only pay off its debts, but to also set the stage for future growth and success. We also defend creditors’ interests in negotiations and litigation to ensure that they are in a fair and equitable position at the end of the chapter 11 process.
In certain situations, chapter 11 bankruptcy may be the best option for a business in order for it to remain in operation. Other options, such as chapter 7 and chapter 13 bankruptcies are also available and may better suit your individual situation and needs. Manty & Associates has several experienced and knowledgeable bankruptcy attorneys on staff that can help you make the best decision. Contact us today to schedule an initial consultation.