Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is often called “Business Debt Reorganization”. This form of bankruptcy is used by businesses that due to various factors such as the economy, earlier bad business decisions or other financial problems, need the opportunity to reorganize their business and make it viable and profitable again.
It gives the business a fresh start and the owners the ability to focus on expansion and making a profit instead of having to deal with creditor calls, lawsuits and other financial situations. Nothing kills a business faster than having to fight to stay alive due to a crushing debt load.
If your business is dealing with overwhelming debt, it is crucial that you contact an Irvine bankruptcy lawyer to assist you in determining how to move forward.
The Filing Process for Chapter 11
After filing a Chapter 11 bankruptcy, a business owner is allowed to continue with their day-to-day operations and the business of making a profit. The burden of their debt obligations is no longer a problem, and they are relieved of leases and contracts that are economically impossible to honor. Usually in a Chapter 11 bankruptcy, management is allowed to continue to run the business.
There are certain business decisions that it may be necessary to get court approval to implement. The benefit of this type of bankruptcy filing is that the business keeps its assets, and continues to operate without the burden of crushing debt.
Get Help from The Law Offices of Joseph M. Tosti
At The Law Offices of Joseph M. Tosti, the legal team has helped countless business get back on the road to recovery. Not all bankruptcy attorneys are alike or even have the experience and skill required in solving your business debt problems. The legal team at the firm carefully selects a certain number of clients to represent, so that the caseload is not so large that there is no personal service provided to the client.
Each client will have the attention and respect that they deserve. A personal and thorough evaluation of your situation will be undertaken and with a team approach, a strategy for solving your business debt problems will be determined.
A free evaluation is offered for those seeking to file Chapter 11 bankruptcy in Orange County. Contact us today to learn how we can help your business fight debt through a Chapter 11 bankruptcy filing.