Debt Relief Solutions For North Carolina Businesses

Most businesses incur debt in order to thrive and compete. When debt mounts and profitability stalls, businesses risk insolvency and closing. The good news for business owners facing overwhelming debt is that the bankruptcy code offers your business a path out of debt and a chance at a better, more prosperous future.

Gillespie & Murphy, P.A. assists businesses throughout eastern North Carolina with debt relief solutions. With offices in New Bern, Wilmington, Greenville, and Jacksonville, we can help you explore all debt relief options so that you can decide which path is best for the future of your business.

Paths To Debt Relief

The bankruptcy code offers businesses a number of options for achieving debt relief goals, including:

• Chapter 11 bankruptcy: Chapter 11 allows your business to reorganize or eliminate debt as part of a business reorganization plan. Most businesses that file a Chapter 11 bankruptcy are able to stay in business and continue operating upon the approval of a reorganization plan.
• Chapter 12 bankruptcy: Chapter 12 bankruptcy is specifically designed to provide debt relief solutions to family farmers and fishermen. Chapter 12 is similar to Chapter 13 bankruptcy, but tailored to the unique challenges faced by farmers and fishermen.
• Small Business Reorganization Act: Enacted in 2019, this new section of Chapter 11 bankruptcy provides a more efficient path to debt relief for small businesses than traditional Chapter 11 bankruptcy plans. The original debt limit for this business bankruptcy was $2,725,625, but the limit was temporarily raised to $7,500,000 in the wake of the COVID-19 pandemic.

As a business owner, you have many decisions to make regarding your debt. Our attorneys will work with you to understand your business so that we can tailor a debt relief plan uniquely suited to your needs and goals.

Speak With An Experienced Business Bankruptcy Lawyer

Get the legal guidance you need to make the right decisions regarding your business debt. For a free initial consultation with an experienced lawyer for bankruptcy In North Carolina, contact our law firm online or by telephone at 252-636-2225.