Maintaining a successful business can be extremely difficult at times. When outside influences beyond your control affect your business, it can be devastating. Many businesses have been hit hard by Covid 19 Restrictions and Lockdowns.
Some businesses will go under, others will find themselves in extreme debt, and others will need to restructure in order to survive these difficult times.
Chapter 11 Bankruptcy may be a viable tool based on youe current situation.
A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements. 11 U.S.C. §§ 301, 303.
There are restrictions and guidelines that a debtor must adhere to in a Chapter 11 Bankruptcy.
If you are contemplating if a Chapter 11 Bankruptcy is a viable solution for your business, call our offices today.
Call Us at 407.556.7589