Both individuals (especially those with large debts) and businesses may choose to file under this form of bankruptcy. Whether your business is a corporation, a partnership, or a sole proprietorship, the U.S. Bankruptcy Code allows you to file for Chapter 11 bankruptcy if you are under extreme financial duress, contingent on a few key conditions. This chapter enables you to reorganize your debts, giving you time to restructure and reassess your assets and obligations. Chapter 11 bankruptcy is the most complex form of bankruptcy and it is strongly recommended that you retain a bankruptcy attorney who can guide you through the right path.
Before filing for Chapter 11 bankruptcy, you will need to come up with a reorganization plan that you can propose to the court for approval. Just as with Chapter 7 and Chapter 7 bankruptcy, filing Chapter 11 bankruptcy puts an “immediate stay” on your creditors. This means that they cannot try to contact you or pursue aggressive debt collection strategies such as wage garnishment or freezing your bank accounts.
Chapter 11 is one of the more complex sections of the U.S. Bankruptcy Code. Let a bankruptcy lawyer from Buckley Law Offices help in answering the questions you have about the process. Since 1992 , we have been serving clients throughout Massachusetts and New Hampshire, our firm is ready to help you deal confidently and competently with the legal debt relief option of your choice. We can sit down with you to assess your debt relief options, including possible alternatives to bankruptcy. We can also work with you to establish your long-term and short-term goals and strategize the best way to achieve them.Call Buckley Law Offices today to learn about your options in a free case evaluation.