When you exceed the personal debt limits for Chapter 13, or you own a small business that is profitable but dealing with troublesome debts and aggressive creditors, you will want to consider filing a Chapter 11 bankruptcy. Contact Vivona Pandurangi, PLC to figure out if Chapter 11 is right for you.
A Chapter 11 bankruptcy is significantly more expensive to undertake than any other chapter, so you want an experienced attorney to evaluate your personal or business finances very carefully before proceeding.
Is Chapter 11 Bankruptcy right for you? Here are a few reasons why Chapter 11 might be a better fit for your financial situation:
You can file for bankruptcy protection no matter how much unsecured and secured debt you have.
You will get more time to come up with a plan to reorganize your personal or business debts.
You can stop creditors from coming after your business and keep it operating while you come up with a plan of reorganization.
You can use the bankruptcy to figure out whether your business is worth keeping and whether you need to sell assets or make other changes to keep it viable.
You can force a creditor to accept a large discount or other change of terms in some cases.
The bankruptcy lawyer at Vivona Pandurangi, PLC will review your financial situation and help you decide whether Chapter 11 bankruptcy is the best course of action. Get in touch with us now to discuss your options.