Reorganization Bankruptcy To Get Your Business Back On Its Feet
Chapter 11 bankruptcy is a helpful tool for businesses struggling due to debt to stay in business. In a Chapter 11 proceeding, a business can keep operating while paying off debts through an approved plan.
We want to help you save the business you have worked hard to build. At Corash & Hollender, P.C., our Staten Island bankruptcy attorneys work closely with you to develop a plan to help you continue operations and settle your debts. Because Chapter 11 bankruptcy is paper-intensive and complicated, you need an experienced attorney to evaluate your options.
Helping You Stay In Business
A business can file a Chapter 11 bankruptcy when it can no longer pay its debts and needs to reorganize to avoid shutting down completely. In this process, the business continues operation and typically controls assets. Like with other forms of bankruptcy, creditors may not continue collection activity almost immediately after filing.
A petition initiates Chapter 11 bankruptcy. The petitioner becomes a debtor in possession, maintaining business operations similar to the trustee in Chapters 7 and 13. A disclosure statement and plan of reorganization are also filed with the court, which outlines the general plan and next steps. The creditors whose contractual rights will face modification by the plan will vote, and a judge will decide whether the plan is accepted.
Chapter 11 is complex and can often be a costly and time-consuming option, taking months and even several years to resolve fully. If Chapter 11 bankruptcy is not the right option for you and your business, we can help you pursue alternative options to help you find debt relief.
If Your Business Is In Danger, We Can Help
If your business is overwhelmed with debt and you don’t see a clear path forward, contact the experienced bankruptcy attorneys at Corash & Hollender, P.C. We will help you find the best debt relief option for you and your business. Contact us today at 718-691-1669 or fill out an online contact form to schedule a consultation.