Chapter 11 Can Overcome Business Debt
In a competitive economy, it takes very little for a business to become overwhelmed by debt. A business interruption, a health crisis for an owner or partner, or another setback might be all it takes. Thankfully, there are options for businesses to overcome debt and keep moving forward. One of those options is filing Chapter 11 bankruptcy.
Sound Guidance Through A Complex Process
Chapter 11 is a type of bankruptcy typically used by businesses. It can be used by sole proprietorships, partnerships and corporations. However, the way it will be used will vary dramatically depending on the business entity. For example, Chapter 11 for a sole proprietorship where the business owner’s assets and the business’s assets are intertwined will be much different from Chapter 11 for a corporation that is a distinct entity.
The issue only becomes more complex from there, making it critical that you choose an experienced lawyer to guide you through the process. You can find that lawyer at the law offices of Gillespie & Murphy, P.A.
Reorganizing Business Debt
Chapter 11 is similar to Chapter 13 in that it calls for a reorganization of debt. Through this process, our attorneys will help you create a plan to pay back business debt over the course of a set period of time. The plan will be designed to be realistic. Our goal is to get your business back on solid financial ground, and we will stand by your side until you get there.
Contact Gillespie & Murphy, P.A., to schedule a free consultation at our New Bern, Wilmington, Greenville or Jacksonville, North Carolina, offices. With more than 45 years of experience on our side, you can be confident in our ability to provide you with sound guidance from start to finish in the Chapter 11 business bankruptcy process.
Individuals can also file Chapter 11 bankruptcy to protect their property and eliminate and reorganize their debt if they are over the debt limit to file for Chapter 13.
We are a debt relief agency under the United States Code. We help people file for bankruptcy relief under the Bankruptcy Code.