Chapter 11 of the Bankruptcy Code is commonly used by a business that would like to continue operations but needs protection from the collection efforts of creditors. Chapter 11 enables the business to focus on operating the business rather than expending efforts fending off creditors. The Chapter 11 debtor will have the right to propose a repayment plan (Plan of Reorganization) in order to restructure its financial obligations by modifying payment terms and reducing payment amounts. When the bankruptcy court approves (confirms) the Plan of Reorganization, the business can reduce its debts by repaying a portion of its obligations and while discharging others. The business can also terminate burdensome contracts and leases, recover assets, and re-scale its operations in order to return to profitability. Under Chapter 11, the business normally goes through a period of consolidation, and emerging with a reduced debt load and a reorganized business.
Under certain circumstances it may be appropriate for an individual to file for Chapter 11 bankruptcy protection. Chapter 13 of the Bankruptcy Code is the typical bankruptcy chapter that an individual would file if he or she needed bankruptcy protection from creditors while proposing a Plan of Reorganization. However, if an individual’s debts exceed the Chapter 13 debt limits, or if the individual does not have regular income, or if a mortgage has matured and cannot be repaid under a Chapter 13 Plan of Reorganization, a Chapter 11 bankruptcy case may be the best or only option. To read more about Chapter 11 Bankruptcy, click here
The law firm of Paul Reece Marr, P.C. is uniquely positioned to represent your business in the United States Bankruptcy Court.
Colleague Testimonials:
"Paul has the skill set that has enabled him to successfully steer dozens of companies through Chapter 11 reorganization."
"I endorse Paul. He is a highly skilled attorney that is well respected in the legal community."
If you are considering bankruptcy relief, or would like to learn the various options available to you, please call our office at (770) 984-2255 or fill out our contact request form to schedule a Free Case Consultation.
Under certain circumstances it may be appropriate for an individual to file for Chapter 11 bankruptcy protection. Chapter 13 of the Bankruptcy Code is the typical bankruptcy chapter that an individual would file if he or she needed bankruptcy protection from creditors while proposing a Plan of Reorganization. However, if an individual’s debts exceed the Chapter 13 debt limits, or if the individual does not have regular income, or if a mortgage has matured and cannot be repaid under a Chapter 13 Plan of Reorganization, a Chapter 11 bankruptcy case may be the best or only option. To read more about Chapter 11 Bankruptcy, click here
The law firm of Paul Reece Marr, P.C. is uniquely positioned to represent your business in the United States Bankruptcy Court.
Colleague Testimonials:
"Paul has the skill set that has enabled him to successfully steer dozens of companies through Chapter 11 reorganization."
"I endorse Paul. He is a highly skilled attorney that is well respected in the legal community."
If you are considering bankruptcy relief, or would like to learn the various options available to you, please call our office at (770) 984-2255 or fill out our contact request form to schedule a Free Case Consultation.
