Chapter 11: Bankruptcy for Businesses [mortgageprotectiontips.blogspot.com]
The Bankruptcy Group at the Victoria Law Group represents public and closely held companies, partnerships, trustees, committees, assignees and asset purchasers, as well as secured and unsecured creditors, in all aspects of bankruptcy law, debtor and creditors' rights proceedings, including Chapter 11 reorganizations and Chapter 7 liquidations; foreclosure and other enforcement proceedings; bankruptcy litigation; cash collateral stipulations; valuation proceedings; asset or going out-of-business sales; and involuntary petitions. We handle creditors' rights litigation, including collection and foreclosure matters and enforcement of security interests, and are skilled in assisting creditors in obtaining early payment of claims. Our attorneys also have experience with cross-border insolvencies and cases under Chapter 15 of the Bankruptcy Code. Learn more at www.TheVictoriaLawGroup.com Or Schedule a FREE consultation Call u s Today! 305 515 5599
mortgageprotectiontips.blogspot.com What is Chapter 11 Bankruptcy?
It's not just individuals and families that have been hit hard by the recent economic difficulties. Businesses have taken a severe hit too; especially small businesses. For companies that have felt financial pressure, and are in a place where they just can't make good on their debts, Chapter 11 Bankruptcy is often the answer. This type of bankruptcy is specially designed to help small businesses and partnerships to bounce back from financial hardships without closing their doors and leaving their employees jobless.Companies filing for Chapter 11 are seeking anwers to this financial burden and Chapter 11 is in place to do so.
What Chapter 11 Allows
Under Chapter 11 Bankruptcy, small businesses and partnerships are given the protection from creditors that they need to reorganize and start moving in the right direction.
As you might already know, when creditors are not getting paid on time, they can become very aggressive. When a small business officially files for Chapter 11, though, they are protected from these aggressive creditors, which helps to ease the stress and allow the business owner to move forward in getting their company back on track. Repayment schedules are setup so the company doesn't experience such a cash flow crunch while allowing vendors to receive payment.ÂRepayment
Chapter 11 Bankruptcy also allows the filing company or partnership to set up a realistic repayment schedule, to repay their creditors while still making payroll obligations.
By working with an experienced bankruptcy lawyer, like the experts at Dault & Associates, small businesses can work out a payment plan that gives the company some breathing room. And all the debt repayments are lumped into one, monthly payment, so it's easier to stay on track and to repay company debts.Hard financial times don't have to mean the end of the road for small businesses. The bankruptcy laws are in place to protect small businesses from total financial ruin. If your business is having problems meeting financial obligations, be sure to take some time to consult with the experts at Dault & Associates for the professional guidance your company needs to get through a bankruptcy and back to building a successful business.
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