Bankruptcy Chapter 11

Bankruptcy Chapter 11

What is Chapter 11 Bankruptcy?

Chapter 11 bankruptcy, also known as "reorganization bankruptcy," is designed to assist businesses resolve their unpaid debts. With Chapter 11 bankruptcy, a corporation, sole proprietorship or partnership can legally reorganize their business in order to manager their debts.

A Chapter 11 bankruptcy differs from case to case, depending upon the type of business filing for the bankruptcy. In a corporation, for example, filing for a Chapter 11 bankruptcy will not put the stockholders' personal assets at risk. In a sole proprietorship however, the bankruptcy will affect both the business and owner's personal assets. Similarly, in a partnership, both of the partners' personal assets may be used to resolve the business's debts, and the partners may also have to file for personal bankruptcy themselves.

Chapter 11 Bankruptcy Lawyers

In order to successfully file for Chapter 11 bankruptcy, the debtor must have the confirmed votes of their creditors. Creditors have the option of opposing the bankruptcy filing, thus reorganization under this chapter is estimated to only have a 10% success rate.

Due to the challenges involved in filing for a Chapter 11 bankruptcy, it is highly recommended that you seek the guidance of a bankruptcy lawyer. Lawyers that are experienced in Chapter 11 bankruptcies can best help you and your business reorganize and resolve your debts. An attorney will help you through the complexities of Chapter 11 bankruptcy law so that you can be on your way to repairing your credit and your business.

Lawyer Referral Service

If you are considering filing for Chapter 11 bankruptcy, Attorney Search Network will help you find an experienced lawyer immediately. We can connect you with an attorney that will assist you quickly and easily in debt protection for yourself and your business.

If you have any questions about filing for Chapter 11 bankruptcy, please contact Attorney Search Network for a lawyer referral today.

Attorney Search Network can provide you with an attorney referral you to a pre-screened Chapter 11 bankruptcy lawyer in your area today.