CHAPTER 11 BANKRUPTCY
BENEFITS OF CHAPTER 11
CONTINUE OPERATING YOUR BUSINESS
In Chapter 11 Bankruptcy you retain control and continue to operate your business, while restructuring the Debts of the Company through a Court approved Chapter 11 bankruptcy plan.
IMMEDIATELY STOPS PENDING LAWSUITS AND COLLECTION ACTIONS
Upon filing the bankruptcy an immediate bankruptcy stay goes into place, the bankruptcy stay immediately stops creditors from proceeding with lawsuits and collection actions.
PROVIDES THE ABILITY TO REDUCE AND RESTRUCTURE DEBTS
Chapter 11 allows you time to negotiate and restructure the debts of the business through a Chapter 11 bankruptcy plan. In Chapter 11 your business can restructure debts over the objection of your creditors, this can include extending the term and reducing the interest rate on certain loans or in some cases paying only a percentage of certain debts.
PROVIDES TIME TO CATCH UP ON RENT
If your business is behind on rent, filing Chapter 11 can give you additional time to get the finances of the business in order and catch up on rent.