There are several different kinds of bankruptcy that are all categorized as different chapters. Each chapter is then divided into different sections that determine who is eligible for different types of going bankrupt. Chapter 11 is often called reorganization bankruptcy and it is mostly used by businesses but the occasional individual uses it as well. Reorganization bankruptcy is useful for businesses because it allows a person to keep his or her business even after he or she files for chapter 11. You’ll need to hire Chapter 11 bankruptcy attorneys in New Bedford, MA to help you argue your case and you’ll need them to make sure that you are protected.
How It Works
Chapter 11 bankruptcy works when you have debts that you cannot pay. You should consult with great attorneys at a place such as the Law Offices of Tara M. George, PC. When you reorganize your debt, you’ll place it in the hands of some kind of trustee. That trustee will sell different parts of your business and help you consolidate your expenses. Then you will regain control of your business.
How Long?
Once your business has been reorganized with the help of Chapter 11 bankruptcy attorneys, you’ll still have to pay off your remaining debts. Ideally, you will sell as much of your business as you can to get your payments as low as possible. You will work out a payment plan with the help of your attorneys who will argue for what you are capable of paying. This means that you will likely have monthly payments that are more manageable.
Going bankrupt does not have to be something that results in the end of your business. You can file for Chapter 11, reorganize your business, and then continue. Many people are actually stronger after filing for Chapter 11.
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